Thought it would go to $80,000...Bitcoin warned to fall to $73,000

▲ Bitcoin (BTC) crash/ChatGPT generated image

Warnings are sounding that Bitcoin (BTC) could fall further to the $73,000 level, as it is blocked by strong weekly trendline resistance.

Crypto media outlet Cointelegraph reported on April 26 (local time) that Bitcoin's price is continuing its decline, unable to withstand the pressure from the weekly trendline. Bitcoin recently attempted to break through $79,000 but was met with weekly resistance, causing its upward momentum to falter. Market experts anticipate that if the price fails to break the weekly trendline, it will retreat to $73,000. On the current chart, the weekly trendline acts as crucial resistance, suppressing price increases. The decrease in trading volume and weakened buying power also contribute to the downward pressure. Investors are closely monitoring the weekly closing price confirmation as they consider their response strategies.

Santiment's analysis shows that caution is spreading among market participants. Short-term holders are taking profits, which is fueling the price decline. Key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are still trending downwards. The $73,000 support level is a critical zone where large buy orders are concentrated. The key question is whether a strong rebound will occur if the price reaches this point, or if it will lead to further collapse. Risk management is needed in preparation for sharp volatility.

Fund inflows through Bitcoin spot ETFs have also significantly decreased compared to last week. Institutional investors have adopted a wait-and-see approach ahead of geopolitical risks and macroeconomic data releases. The high level of open interest suggests a persistent possibility of increased volatility. External variables such as US President Donald Trump's diplomatic moves and the situation in the Middle East are pressuring the market. Voices emphasizing the urgent need to secure technical support levels are gaining traction.

Bitcoin is currently struggling with price discovery, being blocked by the weekly trendline. A short-term downward correction is analyzed as a phase to alleviate market overheating. The $73,000 support level is considered a major price point for the market in the upcoming second quarter. Long-term holders are exploring additional buying opportunities if prices fall. As market uncertainty persists, investors are closely monitoring on-chain indicators and changes in trading volume.

*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.*