Bitcoin Struggles at $80K Resistance as Traders Debate $68K Drop
Bitcoin's price is struggling to break through the $80,000-$83,000 resistance zone, with the cryptocurrency trading around $77,156 after failing to breach this key level. According to Crypto Patel, Bitcoin has already faced rejection from this bearish order block, making it a tough hurdle for buyers to overcome.
The chart analysis shows that the 4-hour RSI is at 38.67, close to oversold levels, indicating potential room for buyers to push the price higher. However, the short-term trend remains tilted towards the bears, with the BTC price below the 100-period SMA at $78,741.85.
The daily chart gives bulls a bit more to work with, as the BTC price is still above the 100-day SMA at $66,875.99. However, the declining active addresses and falling transaction counts point to weaker network activity, which could make it harder for buyers to sustain strong rallies.