Bitcoin’s recent attempt to bounce back is faltering, as the price has again failed to break through $80,000. This repeated failure to hold gains indicates that sellers still control the market, and it’s likely the price will fall again soon.
Bitcoin Price Analysis: The Daily Chart
Bitcoin recently saw a small price increase after bouncing back from around $78,000. However, this increase couldn’t break through the $80,000 resistance level, which is also close to the 200-day moving average around $82,000. These combined resistance points suggest continued selling pressure in the market.
Bitcoin is facing resistance, meaning buyers haven’t been able to push the price higher, while sellers are strongly defending current price levels. Until Bitcoin breaks above the $80,000-$82,000 range, there’s a significant chance the price will fall further. If this happens, the first likely support level to test is between $75,000 and $76,000, with the possibility of even lower prices if the selling continues.
BTC/USDT 4-Hour Chart
Looking at shorter timeframes, we’re seeing further evidence that Bitcoin’s upward momentum is fading. It recently fell below a trendline that had been supporting its recent price increase. Even more telling, when the price briefly tried to recover back to that trendline, it was pushed back down, confirming that the initial downward move was likely genuine.
When Bitcoin briefly falls below a breakout level but then bounces back up before continuing the original downward trend, it often indicates the price will likely keep falling. If selling continues, Bitcoin could drop to around $75,000-$76,000. If that level doesn’t hold, a further decline towards the $70,000-$71,000 range is possible – an area where many buyers stepped in previously.
Sentiment Analysis
As a researcher, I’ve been studying the Coinbase Premium Gap, which essentially looks at the difference in Bitcoin’s price on Coinbase compared to other big exchanges like Binance. What’s interesting is that Coinbase sees a lot of activity from US institutions and individual investors who are buying Bitcoin directly, not through futures contracts. Because of this, the gap can give us a good idea of how much demand there is from American buyers. When the gap is positive, it usually means there’s strong buying pressure. Conversely, a negative gap often suggests weaker demand or that more people are selling.
The indicator has recently dipped below zero, signaling a negative difference between buying and selling. This suggests that interest from US investors is decreasing, while more people are selling or holding back. In the past, when this indicator has stayed negative for a while, it’s often meant the market was either correcting or losing steam.
If Coinbase users continue to buy Bitcoin at a lower rate than on other exchanges in the next few weeks, it could strengthen the existing negative trend seen in price charts, potentially leading to further price drops and testing of lower support levels.
Read More
- Pi Hotel Vietnam: First to Accept Pi Coin Payments in Real-World Transactions
- Why These 5 Meme Coins Could Crash or Cash Your Crypto Party in May 2025 🚀🐒
- Brent Oil Forecast
- EUR AUD PREDICTION
- Crypto’s Tragic Comedy: Gensler’s Ghost, Powell’s Farewell, and Bitcoin’s Plunge
- Is Bitcoin Just Playing Hide-and-Seek with $100K? Spoiler: It’s Winning at Hide
- Silver Rate Forecast
- Gold Rate Forecast
- Warsh’s Fed Debut: A June Rate Cut? Don’t Hold Your Breath, Darling
- USD CNY PREDICTION
2026-05-16 20:56