Bitcoin Traders Target $78K as US Holds Off on Reserve Boost

Bitcoin: Where’s the Market Heading?

Bitcoin, the most famous digital money, has been going through some big ups and downs lately. Its price has been changing a lot, making investors and traders wonder what will happen next. Some people think Bitcoin might go back to the $78,000 price it had before, especially since the U.S. is taking a long time to start its plans for a crypto reserve. Let’s look at what’s happening in the market now and why a return to $78,000 could happen.

Market Changes and Recent Price Movements

Bitcoin’s price has gone down by more than 21% from its highest point of $99,000 to around $78,000[2][5]. This drop has some people worried that the market might have reached its peak, but many experts say it’s just a normal part of how markets work[5]. Even though Bitcoin’s price went down, it has bounced back, and some people think it might go back up to $91,000 or even $93,000[1][2].

The price of Bitcoin has been changing because of different things, like when the U.S. said it would start a crypto reserve. This news made Bitcoin’s price go up to $95,000, but then it went down again[3]. The delay in starting this reserve could make investors less confident and cause more price changes.

Important Price Levels and What People Think

The $78,000 price level is very important for Bitcoin. It has been tested recently, and some experts like CrypNuevo think that Bitcoin’s price might go back up around this price[5]. Also, the range between $80,000 and $82,000 is being watched closely, with some models saying that Bitcoin might stabilize there before going back up[4].

Some people think Bitcoin’s price will go back up because they see signs that sellers are getting tired and that more people are buying at lower prices[2][3]. On-chain data shows that big investors are buying at $81,000 and $78,000, which means they think these prices are good deals[3].

Technical Signs and What’s Next

Technical signs like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show that Bitcoin is not too expensive, and they suggest that its price might go up[1]. The fact that more people are using the Bitcoin network also makes it look like the price might go up[1].

But the way forward isn’t easy. Bitcoin needs to go back up to important resistance levels, like $90,000, to show that its price is going up for sure[3][4]. If it can’t do that, its price might go down more, and the $80,000 support level will be very important in stopping a bigger drop[4].

What’s Next? Dealing with Uncertainty

In short, Bitcoin’s market is at a turning point, and it might go back to $78,000. Even though the market is very changeable, signs of buying and sellers getting tired suggest that the price might go up soon. The delay in the U.S. crypto reserve plans makes things uncertain, but overall, the market is ready for a big change. Whether Bitcoin’s price goes up or down will depend on whether it can stay at important support levels and go back up to resistance zones.

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Sources:
– blockchain.news
– newsbtc.com
– bitcoinist.com
– finbold.com
– ainvest.com