Bitcoin's Price Hovers as Momentum Turns Bearish
Bitcoin's price has been stuck between $76,400 and $76,700 per unit on Sunday morning, but beneath the surface, short-term momentum is turning bearish. Despite being rejected twice around $82,300-$82,800, Bitcoin remains above nearly every major longer-term moving average.
The 1-hour chart shows a messy picture with buyers showing up around $76,500-$76,600 and sellers leaning on the market around $77,300-$77,500. A convincing reclaim of $78,500 would put buyers in a better position, while a drop below $74,000 would be a different story.
The 4-hour chart indicates hesitation, with Bitcoin's spot price drifting back toward the mid-$76,000s after blasting into the high $70,000s. Buyers now have to defend an important patch of ground around $76,400-$76,600.