Bitcoin retested the Monthly Open at $76.3k yesterday, and we can see that this held as exact 4hr support. As long as $76.3k continues to be respected then we can be hopeful of some more upside relief.
$77.4k (Weekly Open) looks like 4hr resistance, and the $77.8k area (Monday High) is likely to be resistance too as there is 4hr supply in this area. If BTC can reclaim these levels, then we can target the CME gap towards $79.1k.
The downtrend has continued for Bitcoin, but if you have been following my recent updates then you would not be surprised to see the test below $77k- I have been mentioning that a test around the Monthly Open was likely this week.
There is significant demand in the $76.5k - $75.8k area, so this is a key level to hold. If BTC does hold this, there is a new CME Gap at $79.1k, so this becomes a potential short-term target for some relief. For now, I am just watching the Monday range develop.
After Bitcoin lost $78.1k (Prev Week Low) on the 4hr chart yesterday, it has struggled to achieve any strong close back above this level. With lower weekend volume, BTC is just chopping around this price, and there is still a possibility of testing lower levels, such as $76.3k, in the coming days.
I would expect resistance on any retest of $78.8k - $79.5k now, but let's see what any increased volatility around the weekly close does to the price action.
Bitcoin has continued to move down aggressively since the $82k rejection on Thursday- over 5% down and about to close the 10th consecutive red candle!
BTC is currently fighting to maintain $78.1k (Prev Week Low) as support, which was a key 4hr support level at the start of the month. If BTC starts to accept below this level, then the chances of a $76.2k (Monthly Open) retest increase over the next week. $79.5k is likely to be a big level of resistance now if it is retested this weekend.
Despite this bullish move, the $82k resistance has once again given the rejection, and there has been no reclaim of the Weekly Open or Monday High. At the time of writing, BTC is fighting to hold $80.4k (Monday Low) as support. I do not rule out a test of the demand closer to $79.5k today.