Bitcoin Faces Hurdles as It Struggles to Break Resistance
Bitcoin has entered a critical phase as it struggles to break above key resistance levels. The price of BTC/USD failed to clear $80,000 and instead dipped back down to its crucial support at $76,350. This level has been a significant barrier for the cryptocurrency in recent days.
A closer look at the 4-hour chart reveals that the price is forming a base above the $76,000 pivot level but remains below the 100 simple moving average (red, 4-hour). On the upside, an immediate resistance could be $78,400, while the first major resistance might be near the 50% Fib retracement level of the downward move from the $82,266 swing high to the $76,024 low at $79,145.
According to technical analysis, a close above the 100 simple moving average (red, 4-hour) and then $79,145 could start another steady increase. In this scenario, the bulls could aim for a move to $80,800 or even test $82,000 if there is further gain.