Crypto Market Overview: Bitcoin steadies below $80,000 – INJ, AERO rally

• Bitcoin hovers below $80,000 on Tuesday, following a minor pullback the previous day.
• The Fear and Greed Index shows a reading of 73, suggesting persistent risk-on sentiment in the crypto market.
• Injective and Aerodrome Finance post double-digit gains over the last 24 hours.

Bitcoin (BTC) hovers around $79,000 on Tuesday, struggling to break above the sell wall between $80,000 and $82,850. The broader cryptocurrency market sentiment remains bullish, with the Fear and Greed Index showing a reading of 73. Injective (INJ) and Aerodrome Finance (AERO) post double-digit gains over the last 24 hours. 

Bitcoin faces headwinds above $80,000

Bitcoin trades around $79,400 at press time on Tuesday, keeping a constructive bullish tone as it holds August's 25% gains. The King Crypto trades well above the 50-, 100- and 200-day Exponential Moving Averages (EMAs) clustered between roughly $70,400 and $72,800, forming a key support zone.

The rebound from the 50% Fibonacci retracement of $97,024 to $57,800 downswing at $75,233 adds structural support, while facing the sell wall between $80,000 and $82,850. A confirmed breakout above this zone could target the 78.6% Fibonacci retracement at $87,476.

The Moving Average Convergence Divergence (MACD) crosses below its signal line on the daily chart, suggesting that upside momentum is moderating, while the Relative Strength Index (RSI) at 63 shows a downward slope as it exits the overbought zone, reaffirming the reduced bullish pressure.