Bitcoin Price Plummets from $82K to $79K in Hours
Bitcoin's price plummeted from $82K to around $79,000 in a matter of hours, leaving its immediate support level at $78,500 on watch.
The sudden drop occurred after a staircase advance through September 3 and the subsequent large red candle that drove Bitcoin's price into a cluster of bids around $79,000.
On the 4-hour chart, the rejection from $82,281 is clear, showing a failed extension on this timeframe. However, it has not yet developed into a confirmed daily trend break based on the daily moving-average set.
The bulls still have the bigger trend on their side, with Bitcoin's price remaining above the key daily moving averages. A push back through $79,420 would put $80,335 and $81,430 in focus, while $78,531 and the $76,800-$77,300 range remain significant downside levels to watch.