Bitcoin is showing up-to-date strength after a keen rebound, signaling that buyers are pulling back at key levels. With momentum building and prices rising, attention is now turning towards the resistance zone at $79,000 where breakout may confirm the continuation of growth and open the door to stronger growth.
Sales pressure after initial reaction
Bitcoin The company reacted immediately to yesterday’s events, facing significant selling pressure as the market processed the news. Analyst Kamile Uray overview of the most vital events that although the initial reaction was bearish, there is a possibility of continued growth provided that the immediate minimum at $73,371 is successfully defended.
However, a 4-hour candle closing below this level would likely trigger a deeper correction towards the $68,720 level, which represents the critical 0.618 Fibonacci abolition the last growth wave. Maintaining this support is the foundation for a fresh leg.
On the bull side, a decisive close above $79,000 would signal a continuation of the broader uptrend towards much higher targets. Uray identifies the major resistance cluster in the $98,000-$107,000-$109,000 range. If the price meets rejection at these elevated levels, traders should expect a return to previous support zones ranging from $73,371 to the $66,000 region.
Looking at the daily time frame, the $65,666 level serves as a turning point. As long as Bitcoin maintains its position above this threshold, the overall structure will remain skewed towards potential growth.
Failure to hold the $65,666 level would shift attention to the lower support levels at $63,823, $62,433 and $60,000. The most critical warning is for $60,000; closing the day below this psychological and technical barrier would likely significantly prolong the correction phase.
Bitcoin rebounds strongly at the beginning of the week
In his latest updateanalyst Michaël van de Poppe noticed Bitcoin’s relatively powerful upward rebound on Monday. This move is particularly significant because it comes during a period in which markets there is usually a risk-averse tendency before the weekly opening. Bitcoin’s ability to grow in this cautious context suggests the strength of current demand.
A key factor in this analysis is the recent separation from classic safe and sound haven assets. While Bitcoin showed resilience and upward momentum, gold showed a downward trend. Looking at the weekly perspectivesthe presence of a price gap at $77,300 remains the main point of interest for investors. Given the strength of the recent rebound and the existing technical vacuum towards higher levels, Bitcoin is expected to fill this gap and reach up-to-date highs before the end of this week.
Featured image from Pixabay, chart from Tradingview.com
