Bitcoin Hits Crucial Support Level as Correction Looms

Bitcoin is facing a critical moment after its recent price drop. The cryptocurrency has been digesting its strong August rally, and the market's participation remains subdued.

The daily chart shows that Bitcoin's structure is stronger than it was before the August breakout. The asset broke through major resistance zones, including $66K-$67K and $72K-$74K, as well as both major moving averages.

However, the price slipped back toward the lower boundary of its recent structure, reaching the $76K-$77K area. This is a crucial support level for Bitcoin to prevent further correction.