Bitcoin is trying to show signs of a short-term recovery after a five-wave pullback in recent days. Analysts evaluate that if the price can hold above the $74,250 level, a move towards the next resistance zones may begin.
Decline and Critical Resistance Level in Five Waves
In the new charts shared, it is seen that a significant five-wave decline has been completed in Bitcoin’s four-hour period. While this indicates that downward pressure is at the forefront in the short term, analysts point to the $77,486 to $80,501 range as a critical resistance zone for the price.
Analyst named Man of Bitcoin pointed out that the resistance band in question may come to the fore in case of a correction (wave 2). Currently, there is no clear sign that this correction has started.
Bitcoin recently retreated from its peak at $82,750 and fell below the rising price structure. This move completed the five waveforms, giving the first signal of a downtrend.
After the pullback, the price headed towards the support cluster near the low $70,000 level. The chart also includes multiple Fibonacci levels near $72,920, $71,579, $71,284, and $69,906.
Mini dictionary: Fibonacci levels are mathematical levels in technical analysis at which price movements may pause or react. It is frequently used to determine support and resistance in crypto and stock markets.
Currently, in a scenario where the price rises again between $77,486 and $80,501, it is emphasized that this does not mean a direct rise. Analysts tend to consider this move as a short-term correction after the previous decline.
Pointing out that Bitcoin’s recent moves point to critical resistances on the daily and four-hour charts, the analyst said, “Exceeding the range of 77 thousand to 80 thousand dollars does not necessarily indicate the beginning of a new uptrend; these levels are only watched as an area of short-term recovery.” He commented:
On the other hand, it is stated that if the pressure from the sellers continues, the price may drop to lower levels such as $64,974 and $60,223. The fact that no clear second wave movement has been seen yet shows that Bitcoin is currently in the decision phase.
Pay Attention to $74,250 in Short-Term Targets
Another analysis shows that Bitcoin is pushing a near-term resistance area near $74,250 on the hourly chart. The analyst nicknamed ChiefraT stated that if this level is exceeded, there may be a change in the market dynamics.
After establishing a base around $72,750 in the past few days, Bitcoin rebounded and rose to $74,250. This region is currently referred to as the ‘gray zone’ where the balance of buyers and sellers is locked.
If the price can clearly break above $74,250, the next target will be the resistance between $76,050 and $76,150. However, whether this move occurs depends on whether the price maintains the $74,250 level as a new support.
Analysts looking at hourly and short-term charts said, “If Bitcoin exceeds $ 74,250, the market may experience a short-term relief. However, it is difficult to talk about the sustainability of the rise until this step is confirmed.” he said.
Otherwise, that is, if the resistance at $ 74,250 is not overcome, the price may retreat to the supports below $ 72,750. This stands out as a threshold that investors should be careful about.
| Trend Turning | Critical Resistance | Support Levels |
|---|---|---|
| After five waves of decline | $77,486–$80,501 | $72,920 / $71,579 / $69,906 |
| Short term recovery | $74,250 / $76,050–$76,150 | $72,750 |
