"Last week, we were expecting the critical $84,000 support level to break, and to the bulls' dismay, it did. Bitcoin had a small bounce after the prior week's close, then proceeded to dump down through the $84,000 support level all the way down to $75,600 on Saturday, before moving up a little to close the week out at $76,919. Bitcoin dropped 13% last week, so we may see a bounce early this week back to $80,000 or so."
"The bulls are reeling this week after losing that key $84,000 support level. We are seeing a little bit of a bounce early on here, but the bulls will be hard-pressed to regain much ground. $79,000 should serve as resistance early on here, with $81,000 sitting as the next resistance above. Now that $84,000 has broken as support, it should be strong resistance on the way back up."
Bitcoin broke the critical $84,000 support and dropped to a low of $75,600 before closing the week at $76,919, a roughly 13% weekly decline. Short-term bounces to about $79,000–$81,000 are possible, but downside continuation is expected. Immediate resistance levels include $79,000, $81,000, $84,000 (now resistance), and $87,600 at the POC on the volume profile. Initial support sits at $75,600, followed by a zone from $72,000 down to $68,000 tied to 2024 consolidation volume. A break below $67,000 targets $58,000 (0.618 Fibonacci) and then $42,000. Daily RSI is oversold, suggesting a near-term bounce before further declines.
Read at Bitcoin Magazine
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