Bitcoin Faces Short-Term Risk as Price Action Suggests Sellers Gaining Control
Bitcoin's short-term chart signals a risk of deeper decline after forming a lower high beneath a descending trendline, indicating a loss of buying momentum and pressure on immediate support near $77,000.
Crypto market analyst Jesse Olson pointed to the importance of the green support zone in the $76,500, $77,500 range, stating that this zone has already been retested and believes the reaction increases the likelihood of Bitcoin moving down to a demand area at $74,000, $74,500 if support breaks decisively.
A move below $77,000 would likely open the way to the $74,000 support area, described as the clearest downside target on the current chart. Additional targets near $72,000 and $69,000, $70,000 may come into play if sellers press further, but these lower levels are not considered mandatory scenarios unless the bearish momentum continues after a breach of $74,000 support.
Bulls have a clear invalidation point for the bearish setup, which would require Bitcoin to defend the immediate support, rally toward $79,000, and decisively break above the descending trendline suppressing recent highs. Unless that resistance gives way, every short-term rally beneath the line could face renewed selling.