Bitcoin has slipped below the ascending support line that had pushed its price upward throughout April, signaling a new phase where sellers have gained the upper hand in the short-term outlook. Recent moves in the Bitcoin price reveal that following the latest statements from the US Federal Reserve (FED), selling pressure has intensified in the market.
Breakdown from the rising channel sparks market risk
According to 8-hour chart data, Bitcoin had maintained an upward trajectory within a rising channel, fluctuating between the $60,000 range and climbing above $70,000. In April, the channel’s lower support served as the main stronghold for bulls, repeatedly pushing the price higher. However, charts released after the recent FOMC day indicate that Bitcoin dropped below the channel, sliding down to $75,633.
The failure to hold this channel suggests that the former support line may now act as resistance. Analysts caution that if Bitcoin cannot reclaim its place within the channel, selling momentum may strengthen further. Unless buyers can unexpectedly drive up the price in the near term, sellers are likely to stay in control.
Whale accumulation seeks new support
After breaking the channel, Bitcoin’s price hovered near $75,800, attracting significant buy orders at those levels. The presence of major investors—often referred to as whales—gathering up the selling flow became evident, especially as volatility increased following the pullback from $77,904.
Chart data shows a marked increase in yellow bands around liquidity hotspots during the decline, a sign that demand in the $75,800 zone has grown noticeably. This has prompted some to suggest that Bitcoin could temporarily establish a floor around this price.
It is clear that funds and major investors managed to absorb the recent sharp sell-off, but to confirm a full recovery, Bitcoin needs to climb above its current range.
Critical levels and short-term scenario
Losing the channel’s lower boundary has brought $74,800 into focus as the next key support. Investors are currently watching this zone closely, as it has served as a recent pause point for the price. Should selling pressure intensify below this level, Bitcoin could retest the liquidity band between $72,000 and $73,000.
Latest figures from CryptoAppsy put Bitcoin at approximately $75,847 at the time of writing. The recent sideways price action and renewed whale activity indicate that selling pressure is now starting to level out in the short term.
Still, no strong upward signal has yet emerged on the charts. Experts highlight that if the critical support zones hold and a more robust wave of buying emerges, the chances of a short-term recovery could increase.
In summary, Bitcoin is currently trading near key support zones. Although large buyers remain active in the market, any meaningful upward momentum likely depends on the price returning to the previous rising channel.
