Bitcoin Bears Strengthen Grip: $84,000 Support Falls, Price Targets $68,000–$60,000 Range
Weekly Bitcoin Price Analysis
In the previous week, we anticipated a breakdown of the crucial $84,000 support level. Unfortunately for bullish traders, this prediction came true. After a brief recovery following last week’s close, Bitcoin plunged below the $84,000 mark and reached as low as $75,600 on Saturday before slightly rebounding to finish at approximately $76,919. This represents a 13% decline over the week. While an early-week bounce toward around $80,000 is possible, further downward movement seems likely in the near term.
Current Key Support and Resistance Zones
The bulls are struggling after losing control of the vital $84K support line. Although there is some minor upward momentum now, reclaiming significant gains will be challenging for buyers. Initial resistance is expected near $79K with stronger resistance around $81K. Since former support at $84K has been breached decisively it now acts as solid resistance during any attempted rallies. Additionally,$87,&600—corresponding to the Point of Control (POC) on volume profiles—may serve as a formidable barrier if prices manage to surpass that level.
Bears have comfortably taken command of market direction following this breakdown.The recent rebound from lows near 75,&600 provides temporary support but may not hold under sustained selling pressure.If prices fall below 75,&000,the next significant demand zone lies between 72,&000 and 68,&000.This range accumulated substantial trading volume during consolidation phases earlier in 2024,making it likely to offer strong buying interest.A breach beneath roughly 67,&000 would open pathways toward deeper retracements near 58,&00—the .618 Fibonacci retracement level.Support at approximately42 ,&00 remains far off and unlikely to be tested soon.
This Week’s Market Outlook
A closer look at daily charts reveals that RSI indicators have recently entered oversold territory.Bulls might attempt short-term recoveries,but downward pressure could persist until price approaches about72 ,&00 before any meaningful bounce occurs.Should such rebounds materialize,the initial targets would be resistance levels around79 ,&00 or possibly81 ,& ;however,gains beyond these points appear limited currently.
Sentiment Snapshot: Deeply Bearish – The decisive breach below$84 K marks bears’ dominance.They aim to extend their momentum while bulls scramble for footholds amid uncertainty.
Looking Ahead Over Coming Weeks
The stubbornest bulls must now acknowledge that Bitcoin remains entrenched within a prolonged bear market phase.Losing critical moving averages like the100 -week SMA—which previously acted as reliable support—is indicative of bearish strength.Expect prices generally capped beneath87 , ,600 until signs emerge confirming long-term bottoms.High-volume trading clusters spanning68 K down through60 K suggest price action will linger here if68 K fails.As such,this zone could become pivotal in determining future trends.
Glossary: Weekly Bitcoin Price Terms Explained
- Bulls/Bullish:   Buyers anticipating rising prices.
- Bears/Bearish:  Sellers expecting declines in value.
- Support Level:  A price floor where buying interest typically prevents further drops.Multiples tests weaken its effectiveness over time.
- Resistance Level:  A ceiling where selling pressure tends to block upward moves.Repeated challenges erode its strength gradually.
- SMA (Simple Moving Average):  An average closing price calculated over specified periods used for trend analysis.RSI uses similar averaging principles applied differently though measuring momentum instead of raw price levels。
- <b>Oscillators:</b> Technical tools fluctuating within set ranges indicating potential overbought or oversold conditions.Examples include Relative Strength Index (RSI) and MACD indicators.
- High Volume Node : Areas exhibiting heavy trade activity often act as magnets providing either robust supports when above current pricing or resistances when below.
- Fibonacci Retracements & Extensions : Mathematical ratios derived from nature's golden ratio constants Phi(1 .618 )and phi(0 .618 )used widely by traders to predict potential reversal zones.
<li><b>RSI Oscillator:</b> Measures speed & changes in asset pricing between0 &ndash100.Values above70 signal overbuying while those under30 indicate overselling.
Volume Profile : Visualizes transaction volumes across various price points.Point Of Control (POC) marks highest traded volume area offering key insight into supply-demand dynamics.
This article titled “Bitcoin Bears Strengthen Grip: $ ;84&comma ;000 Support Falls&comma ; Price Targets $ ;68&comma ;000&-$ ;60&comma ;000 Range” originally appeared on Bitcoin Magazine authored by Ethan Greene – Feral Analysis and Juan Galt.&Pgt