Bitcoin drops to $77.500 with possible further decline in sight

Bitcoin is under pressure and trading around $77.500, down 2.7% in the past 24 hours. An analyst points to a previously identified resistance level that exactly rejected the price, which triggered the current decline. Whether Bitcoin now bounces back or falls further depends, according to her, on how the price behaves around the current support level.

In brief:

• Bitcoin falls 2.7% to around $77.500 after rejection at a resistance zone.
• The analyst expects a recovery as long as the lower end of the current range holds.
• A break below $75.000-$76.000 opens the way to $71.000-$72.000, according to her.

Resistance rejection leads to selling wave

Bitcoin reached the resistance area around $80.400 to $81.200 earlier this week but could not gain a foothold there. According to the analyst behind the X account eliz883, the price was pushed back exactly in that zone, precisely as she had plotted on her chart.

After that rejection, Bitcoin fell gradually, breaking through the levels around $79.600 and $78.800. On the 2-hour chart, the price currently hovers just above the support zone around $77.250, while the scenario for further decline runs via the plotted curve towards $76.450.

Support zone around $77.000 is now crucial

The analyst indicates that she expects further decline as soon as Bitcoin can no longer hold the lower end of the current range. A fall below $75.000 to $76.000 would, according to her, clear the way to the zone between $71.000 and $72.000, where she expects a stronger upward reaction.

As long as Bitcoin stays above $70.000, she sticks to her approach: entering long positions with clear invalidation points and tight stop-losses. Her assessment is that the market can recover if the current support level is defended, but she presents this as an expectation, not a certainty.