Bitcoin Price Gets Squeezed Below $78K as Bulls Defend the Floor

Key Takeaways

• Bitcoin’s price managed to hold the $76,000 foundation level on Sept. 2, even after sliding 2.2% on the 1-hour chart.
• Zooming out, bitcoin was still up a solid 17.8% over the daily window, despite pulling back from its $81,455 high.
• For now, $75,000 is the big level to watch, while 11 moving averages are still flashing bullish signals.

Bitcoin’s 1-Hour Chart Puts $76,229 in Play

On Wednesday, bitcoin’s price on the 1-hour chart logged a 2.2% decline from $78,542 to $76,810, clocking a $79,250 high before bitcoin’s price fell to an intraday low of $76,229. Buyers bounced it to $76,775, but the following hour slipped to $76,568 before another move to $76,810 on just 17 BTC of trading volume.

Funnily enough, the rebound leaves a whole lot unresolved. Support sits at $75,000 to $76,000, while real resistance begins at $78,000 to $79,000. A close above $78,000 would provide the first evidence that the latest sell-off was absorbed. On the flip side, a close below $76,000 or even $75,000 would invalidate the bounce.

Bitcoin’s 4-Hour Structure Keeps Sellers in Control

The 4-hour chart logged a 0.66% bitcoin price decline from $77,328 to $76,819 after clocking its $81,455 high on Aug. 28. Bitcoin’s price subsequently produced lower highs and tested $76,229 twice. The latest green candle logged only 84 BTC in volume, compared with 375 to 875 BTC on the first day of the month’s selling bars.