Summary
- BTC failed to break above the $80,000 resistance level, entering a corrective phase.
- Holding above $75,000 on the daily chart would preserve the ascending channel structure and leave room for another move above $80,000.
- If downward pressure persists, BTC could test 100-day moving average support at $72,000.
Forecast Trend Report by Period
Bitcoin’s short-term upward momentum is weakening, raising the possibility of a retest of key support levels.
CryptoPotato reported on May 30 that Bitcoin entered a corrective phase after failing to break above the $80,000 resistance level and the upper boundary of its ascending channel.
Price action is now moving sideways in an area where major support and resistance levels converge.
If Bitcoin holds above $75,000 on the daily chart, the ascending channel structure would remain intact, leaving open the possibility of another move above $80,000.
If downward pressure persists, the token could test support at the 100-day moving average near $72,000.
CryptoPotato also pointed to a break below the ascending trendline on the four-hour chart as a sign of weakening short-term momentum.
Market participants are watching whether Bitcoin can hold that key support zone, which is expected to shape its near-term direction.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
