BTC Price Analysis – What’s Next Amid Market Crash

Bitcoin price faced prolonged selling pressure after a volatile week marked by rapid fluctuations.

According to CoinMarketCap data, at press time, BTC price was trading at $76983.31 after dropping 2.62% in the last 24 hours.

BTC price has lost over 10.37% over the past week, down from $87,000 on April 2 to a low of $74,000.

Trading volume stood at $57.6 billion, down nearly 47% over the same period.

Technical analysis suggests the bearish pressure persists and failed bullish attempts are also exhibited.

The circulated supply achieved 19.84 million BTC and the whole market capital is $ 1.53 billion. As for the next direction move, the analyst is indecisive due to the rejection pattern taking place in various periods.

The Monthly Structure Identified Bullish Macro Setup

TradingView analyst Philip highlighted Bitcoin’s recurring structure based on monthly fractals.

He noted that the asset historically consolidates around previous resistance levels before forming new higher ranges.

His chart shows this pattern at around $15000 in 2017 and at around $59000 in 2021.

In addition, Philip discusses the current significant support area of $74,000–$75,000 as it is identified after it has experienced a breakout.

He pointed out that this zone correlates with the regular Bitcoin behavior of switching the previous resistance level into support during a more extensive upswing.

According to his data, the price remains above this key structure, keeping the historical pattern intact.

Notably, Philip used Fibonacci extension levels and macro wave structures to project possible price zones.

His analysis identified the $70,000 level as a trend confirmation threshold.

He observed that Bitcoin has held above this level throughout its monthly trend and viewed this as an important reference point.

Downtrend Extends Toward $70K Support

Consequently, TradingView analyst Daniel presented a descending channel structure.

He noted that the Bitcoin price has failed to break above the upper boundary of this channel.

After reaching the top range near $84,000, BTC price reversed sharply and returned to test the lower channel area.

Moreover, Daniel highlighted the $78,000 support as a critical level on the daily chart.

He observed that the price has been rejected from higher zones and retraced significantly.

The current structure formed lower highs and lower lows.

He noted that the trading volume on red candles has increased, suggesting continued selling activity.

This reinforces his view that the trend remains downward on the short-term chart.

The $70,000 level is the next key support level, which serves as the lower bound of the descending channel.

Short-Term Resistance Holds as Momentum Weakens For BTC Price

BTC price has been trading closer to $78K resistance levels and lower support levels just above $74K.

By referring to CoinMarketCap data, the 1-day chart illustrates the steep drop and subsequent slight recoveries.

The price further rose to a high of above $80,000 and it has now retreated to $76,552.08. This is another attempt to reverse prior highs from earlier this month.

Daily RSI indicators remain neutral. No crossover signals have formed between the 20-day and 50-day moving averages.

Shorter-term indicators show decreasing momentum compared to earlier uptrends.

The asset has not yet invalidated the downward trajectory seen in recent trading sessions. Trading volume has declined sharply, now sitting at $48.28 Billion.

This is a 51.09% drop compared to the prior day, indicating reduced activity during the recent rebound. Market cap was down 4.19%, currently at $1.53 Trillion.

Analysts Monitor Key Levels Around $70K–$78K For BTC Price

Philip’s macro chart continues to track the $70,000 support as part of a broader upward structure. BTC price remains within the identified consolidation zone.

He referred to this structure as historically consistent with Bitcoin’s long-term moves.

Daniel’s descending channel marks $70,000 as the technical downside level based on recent patterns.

He tracks resistance at $78,000 and trend continuity unless a breakout occurs. Both analysts identify this range as the current decision zone.