Bitcoin is once again testing the support band driving its ongoing weekly uptrend, with the fate of price action between $74,917 and $76,000 set to play a pivotal role in determining where the market heads next. After a rapid climb in recent days, a pullback has placed fresh pressure on this key zone. If the price drops below this area, analysts warn it could signal a period of weakness in the near term.
Support band stands out on the weekly chart
According to a chart shared by analyst Daan Crypto Trades, Bitcoin has retreated toward its main support area, trading near $78,388. This crucial support band lies between $75,796 and $78,747, now the primary region dictating Bitcoin’s short-term direction. On the weekly timeframe, the 200-period simple moving average sits at $61,106, while the 200-period exponential moving average is at $68,800. Both represent major support levels should the price extend its decline.
Daan emphasizes that a strong upward reaction from this area is needed to confirm the bullish momentum. Without such a move, price action above the support band may not offer enough conviction to sustain the uptrend.
Of particular importance is the $75,000–$76,000 range. Should Bitcoin close the week below this zone, the recent upward movement could prove to be a false breakout. On the other hand, a bounce from this region would support the continuation of a favorable price structure.
Weak reaction at 61.8% Fibonacci in the short term
Looking at the four-hour chart, Bitcoin is showing a muted response at the 61.8% Fibonacci retracement level. Chart analysis from Man of Bitcoin shows BTC hovering around $78,323, with $77,851 as the nearby Fibonacci region. The analyst highlights $76,549 and in particular $74,917 as critical levels in the coming sessions.
He stresses that holding above $74,917 is essential if the bullish path is to remain intact. Dropping below this key support would increase the risk of sliding toward the $73,357 to $68,433 range.
The $74,917 level has become the line that separates a temporary pullback from a deeper correction. If this support fails, lower Fibonacci bands at 0.5, 0.618, and 0.786 retracement levels could come into play and dominate the market outlook.
Meanwhile, for any meaningful upside move, Bitcoin first needs to reclaim the $78,779 region. Should it break above that, it could set the stage for further targets at $81,960 and eventually even higher if momentum returns in force. In such a scenario, analysts point to potential highs at $86,582, $89,529, and possibly $94,621 re-entering the conversation.
At the moment, Bitcoin is trading just above its crucial support, but pressure is likely to persist as long as there is no decisive bounce from the 61.8% Fibonacci level. In the short term, all eyes remain on whether the price can pivot back up toward upper resistance bands and regain its bullish posture.
