BTC has broken decisively below the 79K–79.7K support zone, confirming another bearish shift on the 1H chart.
Price is also trading well below both moving averages and the main descending trendline. A rebound toward 78.8K–79.7K could therefore become a retest of broken support rather than a real reversal.
Macro pressure has also increased. US GDP came in stronger than expected at 3.4%, while Core PCE remained at 0.3% m/m and headline inflation accelerated to 3.6% YoY. Markets now price roughly an 85% chance of another Fed hike in December, keeping pressure on risk assets.
Crypto sentiment weakened further after Binance reported a potential security issue and froze more than 2.5B in assets, pushing BTC to a six-week low.
The bearish setup weakens if BTC reclaims and holds above 79.7K–80K.
Preferred scenario: rebound into 78.8K–79.7K → rejection → 76.5K → 75K.
Price is also trading well below both moving averages and the main descending trendline. A rebound toward 78.8K–79.7K could therefore become a retest of broken support rather than a real reversal.
Macro pressure has also increased. US GDP came in stronger than expected at 3.4%, while Core PCE remained at 0.3% m/m and headline inflation accelerated to 3.6% YoY. Markets now price roughly an 85% chance of another Fed hike in December, keeping pressure on risk assets.
Crypto sentiment weakened further after Binance reported a potential security issue and froze more than 2.5B in assets, pushing BTC to a six-week low.
The bearish setup weakens if BTC reclaims and holds above 79.7K–80K.
Preferred scenario: rebound into 78.8K–79.7K → rejection → 76.5K → 75K.
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