Bitcoin (BTC) is currently trading around $79,052, having bounced sharply from the $75,328 support zone after a steep correction. Though a relief rally has taken shape, caution persists as BTC faces resistance at key levels. Let’s assess price action across timeframes and forecast the next move. Chart Patterns Double Bottom Formation (4H & 1H): BTC appears to have formed a double bottom near $75,300, which could act as a potential reversal base. This bullish pattern would only be validated if the price breaks above $80,500–$81,000. Falling Wedge Breakout (1H): A falling wedge structure developed post-breakdown, and price recently broke out with volume uptick—indicating a potential short-term reversal toward higher resistance. Bullish Engulfing Candle (15M): A strong bullish engulfing candle formed near local lows, triggering the current bounce. This adds conviction to short-term buying pressure but needs follow-through above the mid-Bollinger Band. Indicators Bollinger Bands: Price bounced from the lower band and is now approaching the middle band ($80,477). A clear close above it would shift short-term sentiment bullish, with upper band resistance at $85,627. MACD: MACD lines on the 4H and 1H charts have turned upward, with histogram printing green bars—a bullish momentum signal. The crossover suggests increasing buying strength, though still early in confirmation. RSI: On 4H, RSI has climbed from oversold (below 30) to the neutral 45 range. Breaking above 50–55 will validate bullish momentum. Lower timeframes (15M and 30M) show RSI moving toward overbought territory, signaling potential short-term pullback. Volume: There was a surge in buy volume on the rebound, but recent candles are showing fading volume. Sustained demand is needed to break key resistance zones. Key Levels Support: $75,328, $73,000 Resistance: $80,500, $82,000, $85,600 We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Fundamental Outlook Bitcoin remains fundamentally strong with upcoming halving hype, ETF inflows, and growing institutional interest. However, macro pressures from rate expectations and equity volatility are tempering bullish enthusiasm. Regulatory developments, especially in the U.S., also add uncertainty. Market Outlook BTC’s immediate challenge lies in breaking and holding above $80,500. If achieved, the next target lies at $82,000–$85,600. Failure to hold $78,000 could see a retest of $75,000. Confirmation of trend change depends on volume and MACD follow-through, making the coming sessions pivotal. Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Bitcoin (BTC) Analysis: Watch These Critical Levels for Its Next Move appeared first on Times Tabloid .
