Bitcoin price eyes $72K after bearish MACD crossover

Bitcoin price extended its decline below $78,000 on Sept. 10 as fading momentum, elevated Treasury yields and caution before U.S. inflation data kept buyers on the sidelines.

Bitcoin price falls below $78,000

According to data from crypto.news, Bitcoin ($BTC) price traded near $77,800 at the time of writing after opening the daily session at $78,306. The cryptocurrency reached an intraday high of $78,564 before sellers pushed it as low as $77,688.

The move extended the pullback from the Sept. 3 peak near $82,280. Bitcoin has since formed a series of lower highs on the 4-hour chart, showing that buyers have struggled to maintain each rebound.

Price also slipped below the 4-hour Supertrend level around $78,203. The indicator will continue to favor sellers unless Bitcoin recovers that mark and holds above it on a closing basis.

A stronger resistance area sits near $80,151, where the previous Supertrend barrier overlaps with recent intraday highs. Bitcoin repeatedly failed to sustain moves above $80,000 during the past week, making the psychological level an important test for any recovery attempt.

Crypto trader Daan Crypto Trades said Bitcoin had recorded its fifth drawdown of between 4% and 6% over the past three weeks. Despite the repeated declines, the analyst noted that $BTC remained inside a broader range between $76,000 and $81,000.