Here is a technical analysis of the provided Bitcoin (BTC/USDT) daily chart:
. Recent Price Action & Candle:
The latest daily candle closed at 81,431.13, down 2.70% (-2259.98). The candle has a high at 85,751.80 and a low that likely tested the 79,034.08 support level (the "L" value of 578159.90 is clearly a data error/visual glitch).
This long red candle shows strong selling pressure and suggests the sellers are in control, pushing the price down from the recent bounce attempt.
. Market Structure:
The structure is bearish. The price failed to break above the previous lower high (around 110K) and is now challenging a previous significant low (79K). A break below 79K would confirm a continuation of the downtrend, potentially targeting the 60K area.
The price is trading below all visible moving averages on this chart view, which is a bearish sign.
. Volume & Momentum (Indicators Not Visible):
The analysis is based purely on price action as no technical indicators (like RSI, MACD, or volume bars) are clearly visible in the provided text. A confirmation of the breakdown on high volume would increase its reliability.
. Conclusion & Outlook:
The Bitcoin daily chart is in a confirmed downtrend and is currently testing a crucial multi-month support level around 79,000-80,000.
Bearish Scenario: A daily close below 79,000 would likely trigger further selling, with the next major target in the 50,000 - 60,000 support zone. The downtrend remains intact.
Bullish Reversal Scenario: For the bearish outlook to be invalidated, the price needs to hold above 79,000 and stage a strong rally back above the recent resistance near 110,000, breaking the pattern of lower highs. There is no sign of this yet.
Risk Level: High. The market is at a critical juncture. A break of the 79K support could lead to a sharp decline.
(Disclaimer: This is a technical analysis based on a single chart snapshot and should not be considered financial advice. Always conduct your own research and consider multiple factors.)$BTC
