Bitcoin Consolidates Above 78K as Bullish Momentum Weakens

Bitcoin's recent surge has led to a pullback and high-level consolidation. According to Mr. Coin, after surging to a high of 82,282, bulls encountered selling pressure, causing a continuous decline. The major bullish trend remains intact, with the price still operating within the upper Bollinger Band range.

The Relative Strength Index (RSI) indicator is around 62, indicating weakening bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) red bars continue to shrink, suggesting a reduced strength for further upward movement.

Key support lies at the 77,500-78,000 range, while strong resistance remains at the previous high of 82,280. Looking at shorter timeframes, the 4-hour chart shows the price holding steady in the middle of the Bollinger Band, with rising lows indicating a consolidation and recovery phase.

Mr. Coin suggests that there are two possible scenarios: either the market holds above the 78,500 support level and continues high-level consolidation, potentially retesting the previous high; or if the key support at 77,500 is broken, a deeper correction may occur.