The BTCUSD currency pair continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests sideways consolidation, potentially setting up for another move lower if resistance holds.
Key Level: 77,300
This zone, previously a consolidation area, now acts as a significant resistance level.
Bearish Scenario (rejection at 77,300):
A failed test and rejection at 77,300 would likely resume the bearish momentum.
Downside targets include:
69,354 – Initial support
66,600 – Intermediate support
62,900 – Longer-term support level
Bullish Scenario (breakout above 77,300):
A confirmed breakout and daily close above 77,300 would invalidate the bearish setup.
In that case, potential upside resistance levels are:
79,273 – First resistance
81,365 – Further upside target
Conclusion
BTCUSD remains under bearish pressure, with the 77,300 level acting as a key inflection point. As long as the price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.
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