Bearish Signal vs Macro Breakout: Bitcoin Price Hinges on Key Support

Bitcoin's current price is hovering around $77,600 after retreating from its previous high of above $80,000. According to Jesse Olson on X, the four-hour chart shows a weakened structure with a lower high beneath a descending trendline.

This bearish setup has a clear invalidation path: Bitcoin needs to defend support and recover toward $79,000, breaking the descending trendline that has capped successive highs. Until then, rallies beneath that line remain vulnerable to renewed selling.

A retest of the green support zone around $76,500-$77,500 is also possible, which would increase the probability of price eventually reaching the yellow demand area below. This area sits around $74,000-$74,500 and is the clearest downside target on the chart.

In contrast to this bearish scenario, Alex Marzell's macro setup presents a different view, highlighting repeated instances where former resistance became support while a rising long-term trendline remained intact. The current setup could be another potential version of that breakout-consolidation-retest sequence.