Bitcoin Price Consolidates Between $77K and $80K Support/Resistance Levels
Bitcoin's price has been on a wild ride in recent days, dropping from a session high near $79,386 to a low of $77,024 before rebounding into the mid-$78,500s. According to data via Bitstamp, this drop was not without its weight, with volume expanding on the way down.
The price did dip slightly following Strategy's latest bitcoin purchase announcement, slipping around 0.2%, but buyers refused to let $BTC revisit the session low during the rebound. The current support and resistance levels are $77,000-$77,200 and $79,300-$79,400, respectively.
In a market note shared with Bitcoin.com News, Yusuf Fakhro, partner at ARP Digital, sees bitcoin holding around $78,000 after its recent advance as more important than the breakout itself. He argues that consolidation supports his view that the move represents 'a genuine regime shift and not a flash in the pan.'