Bitcoin pulled back after Fed Chair Warsh's hawkish Jackson Hole speech on Friday, then rebounded to $78K. The coin is now consolidating inside a triangle pattern between $78,500 resistance and support near $76K, with the $82K zone standing as the key level bulls need to clear.
Bitcoin is rebounding to $78K after Fed Chair Warsh's hawkish Jackson Hole speech on Friday pushed the price lower. The pullback follows a sharp run: on the 4-hour chart, Bitcoin jumped from $63K to $79,500 in just five days, a move so fast the market now needs to digest it sideways before its next decisive swing.
Price funnels toward the end of a triangle
That consolidation has pushed Bitcoin into a narrowing triangle pattern, holding above an ascending trendline and having likely avoided a head-and-shoulders top with its latest small bounce. A breakout to the upside would turn the $78,500 horizontal level into support, opening a path toward a higher high and a first test of resistance at $82K. A breakdown instead points to support at $76K or $73K.
Resistance and bearish divergence weigh on the daily chart
On the daily chart, the rally forms a flagpole with what looks like a developing bull flag at the top, a pattern that would normally break higher. However, extending the prior bear flag's bottom trendline puts a ceiling just above the recent high, and combined with the $82K resistance zone, that leaves Bitcoin a tough obstacle to clear.
Meanwhile, the MACD and RSI have kept trending up since May even as price action tracks the broader downtrend. That mismatch is a form of bearish divergence that could complicate the bullish case. As a result, clearing $82,825 is now the key level for Bitcoin to overcome, or another, more substantial dip is likely to follow.
Weekly chart shows a mixed signal
On the weekly time frame, the picture is not clearly reassuring. The price still has not held above the $78,500 resistance level, and last week's candle formed a shooting star, a signal that often marks the top of a rally unless proven otherwise.
Yet the indicators look stronger on this longer time frame: the MACD line still trends up above its signal line, and the RSI has broken above its downtrend line. That break still needs to hold to confirm the trend change.
Source: Crypto Daily™
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