Bitcoin's Momentum Fades as Key Resistance Proves Elusive
Bitcoin's recent breakout above $80K is losing momentum as it struggles to hold onto its gains. The cryptocurrency has been hovering around the $78K level for several sessions, unable to push through the major resistance zone of $80.5K-$82.5K.
The daily chart shows a clear loss of momentum after the initial breakout impulse. Bitcoin's price action is consolidating beneath the key resistance area, with repeated upper wicks suggesting buyers are struggling to maintain their strength.
Despite the broader structure remaining bullish following the breakout above moving averages and previous resistance levels, the probability of a deeper pullback has increased. The $72K-$74.4K zone represents the first major daily support area and could become a logical destination if selling pressure expands.