Bitcoin’s $76K Support: Bulls’ Last Chance Before $60K Bottom?

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<a href="https://jpykr.com/btc-usd/">Bitcoin</a> Tests $76K Support: Next Rally Do or Die for the Bulls?

As a researcher tracking Bitcoin, I’ve observed that even though the market was already leaning towards sellers, the downward pressure continued, briefly pushing the price to around $76,000. Now back at $77,000, Bitcoin buyers might have one last opportunity to push the price back up within the existing downward trend. However, strong resistance around $80,000 suggests we could see another drop, potentially establishing a lower high and continuing the bearish trend.

Rally phase not going anywhere yet

Looking at a recent price chart, it’s clear that Bitcoin ($BTC) is facing potential risks. The price has dropped below a key resistance level of $80,000 and is now moving within a bearish pattern. After fluctuating within a downward channel, the price broke below it, also falling below the 200-day Simple Moving Average.

The Stochastic RSI is usually a sign that prices will soon rise, but it’s currently showing this signal even though the market hasn’t actually started to rally. While there’s still a chance for an upward move – the 8-hour, 12-hour, and daily indicators are all low – buyers need to step up quickly to reverse the current trend.

A lower high a foregone conclusion?

Looking at the daily Bitcoin price chart, it’s clear buyers are still trying to reverse the recent downward trend. There are signs they might be succeeding, as the price briefly dropped to $76,000 before bouncing back, creating a long lower wick on the candle. Additionally, technical indicators suggest the price could soon start to rise.

The RSI indicator at the bottom of the chart is currently showing a negative trend. It has dropped below its recent upward channel, but there are signs it might be starting to reverse direction and move higher.

As a crypto investor, I’m really hoping we see a price increase soon. Ideally, I’d like to see the price climb back into that recent bullish pattern, and even better, break through the $78,700 resistance level. But honestly, if the buyers can’t push the price up and beyond that key resistance, it’s looking like we might just be setting another lower high, which isn’t what I want to see.

Bitcoin heading down to a bottom in the low to mid $60K range

Looking at the weekly chart, we’re seeing a pattern that’s quite similar to the bear market we experienced in 2022. It’s an interesting development worth noting.

As an analyst, I’ve been watching Bitcoin closely, and I noticed a consistent pattern. The price kept running into resistance under a downward-sloping trendline. We saw this happen twice, each time after a bearish flag pattern formed – essentially, short-term drops within a larger downtrend. However, the second test of that trendline proved to be a breakout, and that’s when we started to see the price recover and move into what looks like a new bull market.

Once the price moved above a key level, it initially jumped about 12 to 14% before dropping slightly to confirm that the upward move was solid and had broken past the previous downward trend (shown by the green arrow).

Currently, the price is behaving similarly to past patterns: it’s risen after breaking through a resistance level. The big question now is whether it will fall back down to test a key downward trendline, potentially revisiting lower prices.

In 2022, the price decreased by about 25% from its recent peak of $83,000, bringing it down to around $62,000.

Here’s something interesting to consider: If you connect the peaks of previous bull markets with a line, and then move that line downwards, it precisely aligns with both the low point in September 2023 and the recent bottom at $60,000. This suggests the price is moving within a large, upward-sloping channel. Notice how the 200-week moving average seems to follow the lower edge of this channel. Could this mean the $60,000 level was the actual bottom?

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2026-05-19 13:58