Bitcoin has dropped to $78,388, retreating into a critical weekly support band. Analyst Daan Crypto Trades shared a chart showing the support zone sits between $75,796 and $78,747, currently the primary region dictating short-term direction. On the weekly chart, the 200-period simple moving average is at $61,106, while the 200-period exponential moving average stands at $68,800—both representing major anchors if the decline extends.
Daan stresses that a strong upward reaction from this area is needed to confirm bullish momentum. Without such a move, price action above the support may lack conviction to sustain the uptrend. The $75,000–$76,000 range is especially important: a weekly close below this zone would likely mark the recent rise as a false breakout. Conversely, a bounce from here would support a favorable price structure.
Four-Hour Chart Shows Weak Fibonacci Reaction
On the four-hour timeframe, analyst Man of Bitcoin highlights a muted response at the 61.8% Fibonacci retracement level around $78,323. Bitcoin hovers near that level, with the adjacent Fibonacci region at $77,851. He identifies $76,549 and especially $74,917 as critical thresholds in the coming sessions.
Holding above $74,917 is essential to keep the bullish path intact, he notes. Dropping below this key support would raise the risk of sliding toward the $73,357 to $68,433 range. This makes $74,917 the line separating a temporary pullback from a deeper correction. If that support fails, lower Fibonacci bands at 0.5, 0.618, and 0.786 retracement levels could dominate the outlook.
On the upside, Bitcoin must first reclaim the $78,779 region. A break above that could open the door to $81,960, and with renewed momentum, analysts point to potential highs at $86,582, $89,529, and possibly $94,621. For now, the price sits just above its crucial support, but downward pressure is likely to persist until a decisive bounce from the 61.8% Fibonacci level appears.
The short-term focus remains on whether price can pivot back to challenge upper resistance.