Bitcoin (BTC) 'Plummets' to the $75,000 Range... Is the August Rebound Ending Here?

▲ Bitcoin (BTC)/AI generated image

Bitcoin (BTC) is losing its short-term upward momentum, encountering resistance again at the $78,000 mark. However, the fundamental structure of the macroeconomic recovery that began in August still appears to be intact.

According to U.Today, a cryptocurrency specialized media outlet, on September 17 (local time), Bitcoin plummeted below its short-term moving average and is currently trading near $75,600. Since breaking above $81,000 in early September, buyers have failed to retest the high. The repeated stalling of rebounds between $79,000 and $80,000 is acting as a technical burden.

Technical indicators also show a slowdown in buying pressure. The Relative Strength Index (RSI), which approached the overbought zone during the August uptrend, has fallen below 50. With the recent price decline, selling volume has noticeably increased, indicating a phase that requires more attention than simple intraday volatility.

Strong support lines are still concentrated on the downside. Major moving averages are gathered in the $72,500 to $73,500 range, and another upward-sloping moving average holds near $71,500. Therefore, even if the $75,000 mark breaks, the $71,500 to $73,500 range is expected to serve as a key defense line.

For Bitcoin to reverse its trend, it must first recover the $77,000 to $78,000 level. The main resistance zone on the upside is identified as $80,000 to $81,500. Market experts diagnose that until this resistance level is broken, it will remain a period of consolidation within the August rebound, rather than a sustained uptrend.

[Article Key Summary]

-Bitcoin's short-term momentum has faltered, pushed back to the $75,600 level after hitting resistance at $78,000.

-The Relative Strength Index (RSI) has fallen below 50 and selling volume has increased, but the $71,500-$73,500 support line remains valid.

-For a trend reversal, recovering $77,000-$78,000 and breaking through the $80,000 resistance zone are essential.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*