Bitcoin Price Eyes $78,000 After Confirming Rejection of Key Pivot
Bitcoin (BTC) has confirmed a clear rejection of the key $94,000 pivot, shifting momentum and increasing the likelihood of a move towards the next support at $78,000. This rejection has significant implications for the cryptocurrency’s price, as it suggests that the channel high is strong resistance and that the market structure is showing another lower high, indicating continued bearish control.
The rejection at $94,000 is a crucial development, as it confirms that the channel high is a strong resistance zone. The market structure shows another lower high, suggesting that the bullish momentum is fading and the bearish control is strengthening. The next major downside target is $78,000 to $78,430, which is aligned with support on the upper time frame.
Key Technical Points About Bitcoin Price
Bitcoin spent most of the week testing the $94,000 resistance area, an area reinforced by several technical confluences. The strongest of these is the channel’s high resistance, a level that has shown consistent precision in past cycles. Previous touches have resulted in outright rejections, and this time was no different. The price repeatedly touched the channel ceiling before being pushed significantly lower, representing another failed attempt to break the structure to the upside.
BTCUSDT (4H) chart, source: TradingView
With the rejection now confirmed, Bitcoin has started to rotate downward towards the middle of the channel. This midpoint closely aligns with a predetermined swing low and typically serves as the next technical control point in corrective moves. Should the price break below this level, the next big target is high time frame support near $78,430. This region has significant liquidity and has served as a structural anchor in previous market rotations.
Market Structure and Momentum Indicators
From a market structure perspective, the recent rejection can be viewed as another lower high within the broader downtrend. The rally earlier in the week now appears to have been a false recovery, or what is often referred to as a dead recovery. The volume analysis also supports the pessimistic outlook, as buying activity during the breakout attempt was weak, while sell-side pressure increased each time Bitcoin touched the resistance zone.
Momentum indicators have also started to shift, with rejection firmly entrenched and bearish pressure increasing. Bitcoin is now trending back toward the middle of its channel. If the bearish momentum continues to strengthen, the probability of testing the $78,000 area increases significantly. To eliminate this bearish trend, the $94,000 zone would need to be reclaimed, but the current structure shows no immediate signs of such strength.
Source: CoinGecko
What to Expect from the Upcoming Price Development
Unless Bitcoin can regain breakout levels with strong volume, the price is likely to continue falling towards the $78,000 support area. A deflection of this region may result in a temporary bounce, but a sustained recovery requires reclaiming the channel’s high resistance. Until this happens, the prevailing trend remains bearish. Bitcoin has fallen 8.5% since the beginning of the year.
For more information and updates on Bitcoin’s price, visit https://crypto.news/bitcoin-price-eyes-78000-confirms-rejection-key-pivot/
