Bitcoin failed once again to push through the $80,000 resistance level overnight, with price settling around $78,000 as bears maintained control of the weekly trend structure. Analysts now point to $73,000–$74,000 as the next meaningful support zone.
The weekly chart remains bearish, forming a series of lower highs since the February peak of $97,200. The 20-week moving average at $82,400 has flipped from support to resistance — historically associated with multi-month consolidation.
“We need a decisive daily close above $80K to change the narrative,” said technical analyst William Suberg. On-chain data shows Long-Term Holders have not been selling into this weakness — a pattern that preceded major rallies in 2020 and 2023.
The derivatives market reflects this uncertainty. CME Bitcoin futures open interest fell 8% this week, while funding rates on perpetuals turned slightly negative.
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