Bitcoin Correction Tests $74K Support Zone Amid Bearish Trend Structure
Bitcoin is experiencing a correction in the market, with its price currently hovering at $77,132.58. According to Michaël van de Poppe, the focus is on reaching the $74,000 support zone to close out this correction.
The resilience of altcoins stands in contrast to Bitcoin's decline, and price prediction models are now centered around whether BTC will reclaim $78,000 or continue lower.
Price action indicates a bearish trend structure, with the EMA50 at $78,747.7 acting as an upper cap on upside potential and the EMA200 at $74,095.64 serving as a distant floor.
The MACD death cross at -398.76 reinforces downside momentum, and price testing of the lower Bollinger band near $77,476.05, coupled with an RSI of 31.64, suggests that the highest-probability path before any reversal attempt is a measured extension to the $74,000 area.