BTC Tumbles Below $78K Support Amidst Bearish Trend Structure
Bitcoin has suffered its third rejection at the 50-Week Moving Average (WMA) and lost the support level of $78,380. According to FireCharts order flow data, the asset's price action is still negative. On the four-hour chart, BTC is trading at $77,875.23 beneath the EMA50 resistance at $78,776.83 in a bearish trend structure.
The Moving Average Convergence Divergence (MACD) indicator has formed a death cross, indicating a potential downtrend. The Relative Strength Index (RSI) is currently neutral at 37.78, keeping the asset within the Bollinger bands. The upper resistance level of $79,607.1 and lower support level of $77,680.64 are capping the price action.
The breakout probability today is low due to the upcoming PPI (Producer Price Index) data release in under an hour.