Bitcoin Price Consolidates Below $78K, Raises Concerns About Deeper Pullback

The price of Bitcoin has been hovering below $78K for some time now, but its failure to break through the resistance zone around $80K-$82K is raising concerns about a potential deeper corrective move.

The daily chart shows that after an initial breakout above the moving averages and previous resistance levels, Bitcoin's price has spent several sessions fluctuating between roughly $77K and $81K without establishing a fresh high.

This behavior is particularly notable because the price is consolidating directly beneath the major $80.5K-$82.5K resistance zone, where the inability to absorb supply around this area combined with repeated upper wicks suggests that buyers are struggling to maintain the strength seen during the initial rally.

The 4-hour chart shows a clearer picture of the deterioration, with Bitcoin initially forming an ascending channel following its breakout but subsequently losing the lower boundary and failing to recover it. The price is currently trading within a smaller rising structure around the $77K-$80K area, but the recent rejection from its upper boundary has pushed BTC back toward the lower trendline near $77K.