Bitcoin hovers around $78K: all eyes on $79.4K

Bitcoin is moving sideways on Monday and is trading around $78.000, down 0.2% in 24 hours. Analyst Michaël van de Poppe sees the price caught in a range after a firm rebound from the bottom. According to him, there are now two scenarios: a breakout above $79.400 towards new yearly highs, or a pullback to $76.200 where he wants to re-enter.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin is trading around $78.000 and moving sideways after a rebound
• Analyst Van de Poppe sees $79.400 as the key resistance for new yearly highs
• If momentum is insufficient, he wants to enter at $76.200

Rebound after liquidity grab

Bitcoin showed a clear rebound last night after the price swept liquidity below the range. Van de Poppe had already noted this earlier and pointed to the importance of the zone around $79.400 as the next hurdle.

On the hourly chart, a rising support line is visible that feeds into an attempt to attack the resistance at $79.350. That zone acts as a clear ceiling: several breakouts have already failed there.

$79.400 or back to $76.200

Van de Poppe outlines two possible paths. If Bitcoin manages to break through $79.400, the road opens to new yearly highs above $81.000. If that breakout fails, he expects the price to drop back.

In that case, he has $76.200 in his sights as an entry level, a zone he describes as a confluence of support levels. Earlier this week, inflows to exchanges peaked right around the $80.000 resistance, which explains the selling pressure in that area.

Bitcoin is thus at a technical crossroads. Either the price breaks through and sets new yearly highs, or the strength is lacking and lower levels offer a new opportunity for buyers.