Bitcoin Drops Below $78,500, Technical Indicators Send Mixed Signals

Bitcoin fell to $78,350 amid increasing selling pressure in the futures markets. This decline comes during a period of cautious investor sentiment, despite the cryptocurrency's recent recovery efforts over the past weeks. Market participants are reassessing their positions ahead of upcoming U.S. inflation data and the central bank's interest rate decision. According to analysts, the $76,600 level stands out as the first critical support for Bitcoin. A break below this level could intensify selling pressure. On the other hand, for the price to regain upward momentum, it needs to surpass the $79,500-$80,000 range, which is considered a significant resistance both psychologically and technically. Technical indicators present a mixed picture. While a 'golden cross' formation is visible on the daily chart—typically interpreted as a medium-term bullish signal—short-term price movements suggest this positive signal has not yet fully translated into price action. Selling pressure in futures is balancing buying interest in the spot market. On the macroeconomic front, U.S. inflation data and the Fed's monetary policy decision are in focus. These releases are expected to be decisive for Bitcoin's direction. Investors are weighing the possibility that an interest rate hike or tightening signal could pressure risk assets, while signs of slowing inflation could boost risk appetite. Market experts emphasize that Bitcoin is attempting to stabilize at current levels, but macroeconomic developments will be decisive in the short term. Maintaining the $76,600 support could help keep the downward trend limited. Otherwise, the risk of a deeper correction may emerge. This is not investment advice.