Bitcoin Risks $73K Drop Unless Bulls Clear $78,500
Bitcoin's technical breakout is imminent as it approaches resistance at $78,500. The cryptocurrency has been trading sideways for nearly two weeks after its earlier advance stalled below major resistance.
Laurie Dunn notes that recent candle structure on the four-hour chart has shown stronger bearish signals than bullish ones. Upside moves have formed through smaller candles, while selloffs have been sharper and required fewer candles.
The daily chart also shows a classic bull pennant forming, but a clean move through $78,500 is still needed to challenge heavier resistance above.
Dunn warns that if buyers fail to clear the resistance cluster at $82,000, Bitcoin may pull back to $73,000. This bearish setup would be invalidated only by a confirmed move above resistance.