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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Rejected At Descending Resistance Again – Is $78,600 Still In Play?

Sebastian Villafuerte
Sebastian Villafuerte
5 months ago
3 mins read
Bitcoin Rejected At Descending Resistance Again – Is $78,600 Still In Play?

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Bitcoin is facing a crucial test as it struggles to break above key resistance levels while holding just above critical support. The market remains stuck in a tight range, reflecting growing indecisiveness among traders and investors. Uncertainty has become the new normal, with macro conditions and political developments continuing to cloud sentiment.

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US President Donald Trump has added further volatility to the mix, unsettling financial markets with unpredictable policies and newly imposed tariffs. His erratic behavior has only intensified the fragile mood, pushing risk assets like Bitcoin into deeper consolidation.

Despite brief rallies, Bitcoin has once again failed to break above descending resistance, according to crypto analyst Carl Runefelt. This rejection, paired with declining trading volume, is a sign that buyers may be losing strength. Runefelt warns that if volume continues to dry up and BTC remains stuck below key levels, the bearish target of $78,600 remains a strong possibility.

While bulls are defending support zones for now, the lack of momentum is raising red flags. Unless Bitcoin can reclaim higher ground soon, the odds of a deeper correction will continue to grow — making the coming days crucial for determining the market’s next direction.

Bitcoin Down 25% from January ATH As Bears Tighten Grip

Bitcoin is now down 25% from its January all-time high, and bulls are struggling to regain control. After repeated attempts to reverse the trend, BTC continues to hold above the $81,000 level — a key support zone — but has failed to reclaim the $86,000 mark, which is necessary to confirm any serious recovery. The inability to push higher has weakened market confidence, and bulls now find themselves in a difficult position.

Macroeconomic uncertainty and fears surrounding escalating trade wars, especially under U.S. President Donald Trump’s unpredictable policies, have added to market volatility. These factors continue to favor the bears, and the pressure on high-risk assets like Bitcoin remains intense. With broader financial markets under stress, bullish sentiment in the crypto space is fading quickly.

Panic is beginning to set in for some investors as selling pressure shows no sign of slowing. However, there’s still a sliver of optimism among market watchers who believe that a bounce could follow once key resistance levels are reclaimed.

Runefelt recently shared insights pointing to BTC’s failure to break above descending resistance — a bearish sign. He also noted that trading volume continues to decline, a sign that market participation is thinning out. This lack of volume often precedes large moves, and in this case, the bearish target of $78,600 remains firmly on the table if bulls fail to reclaim momentum.

Bitcoin failed to break above descending resistance | Source: Carl Runefelt on X
Bitcoin failed to break above descending resistance | Source: Carl Runefelt on X

For now, the market remains on edge. Bitcoin’s ability to hold above $81K and attempt a move past $86K will be critical in determining whether a recovery is possible — or if the next leg down is about to begin.

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Technical Details: Key Levels To Hold

Bitcoin is currently trading at $83,500 after several days of choppy, volatile price action that has left traders uncertain about the market’s next direction. The recent swings between key levels have highlighted the indecision among both bulls and bears, with neither side able to take full control. For bulls, the immediate challenge is to reclaim the $85,000 level, which aligns with the 4-hour 200-day moving average (MA). A successful move above this mark would be an encouraging signal of short-term strength.

BTC facing serious volatility | Source: BTCUSDT Chart on TradingView
BTC facing serious volatility | Source: BTCUSDT Chart on TradingView

Beyond that, the next key level is $86,000, which is where the 4-hour exponential moving average (EMA) sits. Reclaiming this zone would help shift momentum back in favor of the bulls and potentially set the stage for a recovery attempt toward $90,000.

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However, the most critical level in the short term is support at $81,000. This price zone has acted as a strong floor in recent weeks, and losing it would likely trigger further downside pressure. As macro uncertainty and market-wide volatility continue, bulls must defend this support while working to reclaim the MAs above. The coming sessions will be crucial in defining whether Bitcoin can recover—or slide deeper into correction territory.

Featured image from Dall-E, chart from TradingView 

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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