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BTC Bitcoin price is under pressure: Key support level of US$77,000 faces test
After failing to stabilize above US$80,000, Bitcoin prices continue to be under pressure, triggering market concerns about further declines. With $77,000 becoming a key support level, investors are closely watching whether it can withstand the current weakness.
Focus on Key Support Levels
As of now, the Bitcoin trading price is US$77,546, and the 24-hour trading volume is US$34.43 billion. The asset's market value is approximately $1.56 trillion, down 1.77% in the past 24 hours.
Cryptocurrency analyst Doran recently emphasized the importance of the US$74,000 to US$82,000 range for the short-term trend of Bitcoin. He pointed out that Bitcoin has been hovering in a narrow range of $77,100 to $78,500, limiting any decisive upward or downward trend.
The asset fell back to current levels after encountering resistance at $81,500, sparking speculation that it could build solid support around $77,000. Market analysts are increasingly looking to this area as a potential turning point in subsequent price movements.
Technical analyst Frank Hepworth believes the $77,000 level is particularly critical. He pointed out that if Bitcoin falls below US$77,000, it may face further downside risks, targeting US$72,000 and may even hit its 200-day moving average (currently at US$69,500).
Doran observes that the $74,000 to $77,000 range remains crucial, providing a cushion for buyers and paving the way for a surge to new highs near $80,000. If support in the region can be maintained, bulls may once again launch an attack on the resistance area of $80,000 to $82,000.
Bollinger Band reveals technical background
Currently, Bitcoin trading prices are above the middle track of the Bollinger Band (US$73,875.89). The upper track is approximately US$86,615 and the lower track is close to US$61,137. Prices remain above the mid-track, indicating that there is technical support below the market.
At the same time, the spread between the upper and lower rails indicates high volatility. If positive momentum builds, a move upward may signal a recovery in bullish sentiment.
However, short-term indicators show a more cautious picture. The MACD indicator, a measure of kinetic energy, shows that the MACD line is 3,412.73, still below the signal line of 3,482.71, and the histogram is negative-69.97. This pattern suggests that buying pressure is weakening in the short term.
If Bitcoin can achieve an online MACD crossing, it may pave the way for a new round of gains, but this depends on whether the current support level can continue to hold.
Short-term Scenarios and Market Outlook
In the short term, the market focus remains on whether Bitcoin can remain in the US$77,000 to US$78,500 range. If the area can be effectively held and technical indicators improve, prices may climb to US$80,000 or US$82,000. Breaking through this resistance level may create more favorable conditions for a future rebound.
Once the $77,000 support falls, analysts expect the market focus to shift to $74,000,$73,000, or even $72,000. If bearish pressure intensifies, the 200-day moving average ($69,500) will become a potential downside target.
Frank Hepworth emphasized that a break below $77,000 could increase downside risks for Bitcoin and divert attention to lower technical levels.
Currently, Bitcoin is still trapped between strong support from buyers below and solid resistance from sellers above. Broader market factors-including macroeconomic indicators such as oil prices, interest rates, and ETF dynamics-will continue to play a role in determining the next major trend.
