Bitcoin price at critical juncture: $83K or decline to $64K

Bitcoin is currently trading around $78.300 and is showing a series of higher highs and higher lows on the four-hour chart, a pattern that technical analysts consider bullish. According to an analysis by the account AltCryptoGems, the price is now at a decisive point: buyers must defend a demand zone to sustain the upward trend, while a downward breakout could pave the way for a sharp correction.

Bitcoin is available at OKX and Bybit.

In short:

• Bitcoin is forming higher highs and higher lows on the four-hour chart, which is technically considered bullish.
• Buyers must defend a demand zone to reach a new high above $83K.
• A bearish breakout below $76.300 could quickly send the price toward $64.000-$66.000.

Bullish structure remains intact, but under pressure

Over the past few weeks, Bitcoin has consistently formed higher highs and higher lows, as can be seen on the chart shared by AltCryptoGems. That pattern is regarded as a sign of a healthy upward trend.

As long as buyers manage to defend the current demand zone and form a new higher low there, the analyst expects the upward move to continue. The target in that scenario is a new high above the recent peak of $83.000. Bitcoin previously stalled below that level after strong US jobs growth figures.

Bearish breakout below $76.300 as a dangerous signal

The opposite scenario is less rosy. Sellers are targeting a downside break of the market structure around $76.300. That would be the first bearish structure break since the start of the recent upward move, which would significantly worsen the technical picture.

Macroeconomic factors also play a role. Rising oil prices due to tensions in the Middle East and economic data pointing more towards a rate hike by the US central bank than a cut are putting risky assets such as Bitcoin under pressure. Buying pressure around Bitcoin recently reached its highest level since the bear market, indicating that there is also support from the market.

No support below $76.300: risk of a rapid decline

If the structure breaks to the downside, AltCryptoGems warns of a rapidly accelerating decline. Below the $76.300 level there is hardly any support zone to be found, which could cause the price to drop relatively quickly to the area between $64.000 and $66.000.

For now, it is up to the buyers. Whether they have enough strength to defend the demand zone and preserve the upward structure will become clear in the coming days. Earlier, attention was already drawn to a key level that Bitcoin must break through for a new buying opportunity.