Bitcoin traded slightly below $78,800 on Tuesday, September 8, as the leading cryptocurrency continued to hover under the $80,000 threshold. Market participants assessed the impact of rising US Treasury yields and growing expectations for an additional interest rate hike from the Federal Reserve.
Technical setup puts $72,613 trend level in focus
Analyst Jesse Olson highlighted that Bitcoin’s two-week chart is currently showing an unconfirmed buy signal, similar to the technical pattern observed before the 2023 recovery. In this multi-week setup, the candle close carries greater significance than brief price fluctuations.
Olson’s technical analysis indicates that Bitcoin, known for being the world’s largest cryptocurrency by market capitalization, is trading above a descending trendline that previously defined its retreat from earlier highs. The price remains strong above the rising long-term moving average, positioned near $65,185, which has helped preserve the broader bullish structure despite the pullback from 2025’s peak levels.
A key component of Olson’s view is an indicator below the price chart, where momentum recently rebounded from a weaker zone near 33.54 up to an area around 47.40. Although a preliminary buy signal appeared on the last two-week candle, it failed to confirm by the close.
Olson emphasized that the bullish narrative only grows stronger if the indicator completes the buy signal at the next candle close. In his scenario, trend support now sits at about $72,613 and could be retested over the coming three to four weeks in the event of a deeper correction. While this is not a guaranteed outcome, Olson identified this area as critical for bulls seeking to maintain a positive structure.
A move below $72,613 would undermine the similarities with the 2023 rebound and raise the probability of a broader retracement for Bitcoin.
Mini dictionary: Trendline – In technical analysis, a trendline is a straight line connecting two or more price points and then extending into the future to act as a line of support or resistance. Traders use trendlines to identify and confirm market direction.
Olson noted that while momentum appears to be recovering, the bullish case is only solidified if the buy signal confirms on the next two-week candle close and the current uptrend structure holds above $72,613.
Short-term support at $75,500–$76,000; $82,000 key resistance
A separate short-term four-hour chart shared by CobraTrader identifies a nearer support area between $75,500 and $76,000. The trader marked this zone as particularly significant for those evaluating bullish positions following a pullback, citing closely bunched retracement levels at $76,053 and $75,595.
When the analysis was released, Bitcoin traded around $79,259. A move into the $75,500–$76,000 region would represent a measured correction within the current advance, not a dramatic breakdown.
CobraTrader’s projection outlines a scenario in which Bitcoin consolidates near $78,000–$79,000, then dips toward the $75,500 zone before stabilizing. From there, a recovery may follow, but the main challenge for bulls lies at $82,240, which has capped several upward attempts in recent sessions.
| Level | Type | Role |
|---|---|---|
| $75,500–$76,000 | Support | Short-term zone for bullish defense |
| $72,613 | Support | Long-term trend structure |
| $82,000–$82,240 | Resistance | Key level for bullish confirmation |
A decisive move above the $82,000 resistance would signal a new bullish phase, potentially setting the stage for further gains in the low $80,000s. A failure to hold the $75,500–$76,000 support would direct attention back to Olson’s lower trend level at $72,613.
Between the short-term and long-term chart setups, Bitcoin now trades within a tightly monitored technical corridor. Defending the $75,500–$76,000 area and reclaiming $82,000 resistance stand out as the main immediate objectives for bullish traders.
For now, Bitcoin finds itself caught between these defined support and resistance zones, with the outcome likely hinging on how well it can maintain momentum in the mid-$70,000s and whether it can mount another challenge above $82,000.
