Bitcoin Stuck in Limbo as $79,500 Proves Stubborn Resistance

Bitcoin (BTC) is currently trading at $77,578, and its short-term momentum is weaker than its long-term momentum.

The largest cryptocurrency has formed a head and shoulders pattern on its recent timeframe, which could lead to a rejection at the neckline and a drop towards $71K if it fails to reclaim it.

However, a clean 4-hour close above the resistance zone of $79,500 would make it easier for BTC to reach $80K and potentially even higher targets like $81K-$82K.

The current price action is also influenced by the short-term correction from the $78K-$76K area, with the halfway point around $77K.