Bitcoin traders are holding out for one more price dip before expecting the uptrend to resume with new highs.
Market participants continue to monitor Bitcoin closely for a potential retest of support levels under $80,000. This move is seen as a necessary step before any fresh upward momentum can take hold. Traders have expressed agreement that such a dip would set the stage for continued gains in the cryptocurrency's price trajectory.
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Bitcoin briefly fell below $80,000 on Thursday as analysts noted rising profit taking among traders. The move came despite recent technical signals pointing to potential upward momentum.
Bitcoin traders are growing more bearish on the cryptocurrency's next price move. Resistance at $82,000 remains unbroken, opening the door to a potential downtrend.
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Bitcoin price has fallen below $78,000, placing immediate focus on whether buyers can defend the $76,000 support zone or face a deeper decline toward $70,000.
Bitcoin dropped below $60,000 on June 24 as exchange inflows, spot ETF outflows and leveraged long liquidations intensified selling pressure.
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Bitcoin traded near $77,000 on Thursday, signaling a mild bullish trend, while Ethereum hovered around $2,300 with neutral momentum. Crypto markets posted modest gains over the past 24 hours despite mixed weekly performance. Analysts cite resistance at $80,000, ETF outflows, and macroeconomic pressures as key factors tempering short-term sentiment.
Bitcoin briefly climbed to just under $78,000 on Tuesday before retreating below $76,000 following a reported $1.289 billion block sale of BlackRock's IBIT shares. The move occurred as US stock indexes posted gains amid optimism over a potential Middle East agreement announced by President Trump. Bitcoin traded near $76,000 after the reversal.