Bitcoin rejects $80K as STH profit-taking ramps up: Can buyers hold $75,568?

Bitcoin’s push to $80,000 has shifted from an explosive upward momentum to a cautious contraction phase. After reaching $79,473, the price fell to $75,568 as the upper wick confirmed strong selling near the psychological barrier.

However, Bitcoin did not fall back down to its previous low of $71,000. Instead, Bitcoin [BTC] is currently trading around $76,248, which is in the upper part of the expansion range.

This positioning shows that buyers are still absorbing supply despite weaker short-term momentum. The RSI reading of 68.73 confirms that there is less pressure from being overbought.

Moreover, the MACD indicator has not yet crossed below zero, which continues to show upward momentum. However, since it is narrowing down, it may be indicating a slower increase in price.

In conclusion, at $75,568, the rally support point becomes the anchor point for rally support. Therefore, if the price can reach $77,015, then there will be renewed upward momentum toward the peak of $79,473.

STHs challenge Bitcoin’s rally near $80K

The rejection near $80,000 coincided with a sharp rise in Bitcoin sent to exchanges. The three-day 23% price increase resulted in 53,000 coins entering exchanges. This increase represents profit-taking along with the price.