Bitcoin Bulls Eye $5K Jump as Price Consolidates Above $78,000
Bitcoin is currently trading at $78,100, up 0.51% in the past day. Analysts are looking for a $5,000 move from here to confirm a fresh bull leg, which would be a significant percentage gain considering the asset's massive market cap.
The setup follows a range-bound trading period between $76,000 and $79,000, with Fibonacci support at $77,559 and resistance at $78,956. Macro uncertainty ahead of upcoming U.S. policy decisions is also affecting Bitcoin prices.
Under-allocated investors are still buying dips according to Wintermute, framing $75,000 and $82,000 as the levels that matter into the mid-September Federal Reserve meeting. Reuters' technicals desk pegs resistance near $82,793 and support at $71,781 and $75,674.
The bull case sees Bitcoin reclaiming $78,340-$79,920 and clearing the $82,793 resistance zone, while the bear case involves a break below $76,432 opening a retest of $71,781. The base case is a continued sideways grind into the Fed decision within Wintermute's $75,000-$82,000 corridor.