Bitcoin Price Risks $70K if $78K Neckline Breaks
Bitcoin's price remains under pressure near $78,500 after a retreat from its Sept. 3 peak of $82,283.
The decline has extended a sequence of lower highs visible on the 4-hour chart, with buyers defending the area near $78,000 several times but struggling to regain the psychological $80,000 level.
A move close to the lower Bollinger Band can indicate growing selling pressure, although nearby support may produce a short-term rebound. Bitcoin would need to recover above the middle band to weaken the immediate bearish setup.
The upper Bollinger Band stood near $80,144, making the $80,000, $80,150 region the first major resistance area. A close above that zone could give buyers another opportunity to challenge the recent highs around $81,500 and $82,300.