Bitcoin Tests ₱4,647,977 ($76,480) After Failing to Break ₱4,831,514 ($79,500)
Bitcoin rejected at $79,500 and slid to $76,480. The hourly chart shows price trading below the 100-period moving average with bearish momentum building, and the MACD is accelerating lower while RSI dipped below 50.
Key Takeaway
Bitcoin's failure at $79,500 puts $73,500 support in focus if bulls can't reclaim $77,600.
Bitcoin formed a local top at $79,500 before sliding to $76,480 as bulls failed to sustain upward momentum. The hourly chart shows price trading below the 100-period moving average with bearish momentum building.
A bearish trend line formed with resistance at $77,600 on the hourly timeframe. Additional resistance sits at $77,300, $78,000, $78,500, and $78,800. The price needs to clear $77,600 and hold above it to signal buyers are regaining control.
Downside support is stacked at $76,500, $75,500, $74,200, and the main level at $73,500. These levels roughly align with Fibonacci retracement zones from the recent rally — the 23.6% and 50% retracement marks are both in play as potential bounce zones if selling pressure intensifies.
The hourly MACD is accelerating in bearish territory while the RSI dipped below 50, confirming short-term weakness. Price action over the past few weeks reflects broader market structure issues stemming from October's flash crash, which wiped out over 30% of Bitcoin futures open interest and left traders cautious about re-leveraging.
Wincent Senior Director Paul Howard said this looks like a directional setup driven by a combination of macro factors and market structure rather than any single catalyst. Bitcoin showed an 85% correlation with the Nasdaq-100 during recent oil price spikes, reinforcing its high-beta risk asset behavior.
This article was written based on reporting from NewsBTC.
