Bitcoin soars to record highs. highest price level In almost three months, thanks to new institutional appetite, $79,000 was recovered. but, According to technical analysis This rally is not a cause for celebration because it has created imperfections. According to technical analyst TARA, an important macro Fibonacci resistance level is now just overhead and Bitcoin could see a strong reaction from this level.
Bitcoin approaches macro resistance around $80,000
Bitcoin hit an 11-week high above $79,000 on April 22 following President Trump’s extension of the U.S.-Iran ceasefire. This immediately alleviated concerns that conflict would resume near the Strait of Hormuz, which was enough to lead to an influx. Entering various investment markets.
that Latest Analysis Crypto analyst TARA is based on Bitcoin’s interaction with the macro 0.382 Fibonacci resistance, located roughly between $79,000 and $81,000. BTC has been rising in a structured order, forming higher highs and higher lows in this resistance area on the daily candlestick price chart. According to analysts, BTC’s recent rally is its final approach to a wall, a wall it has hit before and one that it believes it will hit again.
Her chart shows that Bitcoin has completed what appears to be an ABC corrective wave structure and the price is at the top of the (C) wave near the 0.382 Fib level. As of this writing, Bitcoin is trading at $77,655. A rejection anywhere between $79,000 and $81,000 is expected before a significant decline to another macro Fib level.
Bitcoin price chart. Source: @PrecisionTrade3 On X
Incoming 20% BTC price crash
TARA pointed out another technical warning found in the price momentum indicator. The RSI on the mid-time chart is already showing a bearish divergence. This means that momentum is decreasing as the price rises. At the time of analysis, the indicator was 65.47 and the signal line was 61.02.
Based on current settings, TARA expects these differences to persist until the final push toward resistance. If the RSI continues to flatten or decline while Bitcoin tests the $79,000 to $81,000 range, it will reinforce the idea that the move lacks momentum. Similar analysis Crypto analyst Michael van de Poppe also acknowledged that the $79,000 level is full of sell orders that are lightly pushing BTC prices lower.
If TARA’s analysis is accurate, the downward target is not significant. This is because the prediction is that Bitcoin will return to the macro 0.5 Fibonacci retracement, currently located at around $64,500. This means a drop from roughly 18% to 20% in the resistance zone. Once the larger correction structure is fully implemented, Bitcoin will Could fall completely It moves towards a support level around $52,000.
Featured image created with Dall.E, chart from Tradingview.com
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