Bitcoin was rejected at $80,537 on Sept. 7 and dropped to $79,013 before rebounding to trade near $79,500. The daily uptrend remains intact above key moving averages, but the MACD stays bearish, leaving $79,013 and $80,537 as the levels that decide the next move.
Bitcoin fell from roughly $80,200-$80,537 to $79,013 in one concentrated selling wave on Sept. 7 before grinding back toward $79,500-$79,520 on lower volume. The bounce came on small-bodied hourly candles, with offers stacked from around $79,500 upward and bids thinning quickly below about $79,000.
Four-hour chart shows a post-impulse standoff
On the 4-hour chart, bitcoin failed its attempt at $80,500 and dropped to $79,013 on the session's largest volume bars. Candles since then have turned smaller and two-sided between roughly $79,000 and $79,600, leaving the market in a balance rather than a fresh directional move.
A 4-hour close above $80,000-$80,537 would reopen the path toward the Sept. 3 high, according to the report. A close below $79,013 would instead put the $76,300-$77,000 region back in play.
Daily uptrend still constructive despite the pullback
Bitcoin climbed into roughly $82,100-$82,200 on Sept. 3 before giving back that advance on Sept. 4 and holding roughly $79,500-$80,600 through Sept. 5-6. It then reached $80,537 on Sept. 7 and fell as low as $79,013 the same day.
Despite the short-term weakness, bitcoin stayed above its key daily moving averages, so the higher-timeframe uptrend has not suffered a confirmed breakdown. Resistance sits first around $80,494-$80,537 and then $82,108, while support extends from $79,013-$79,081 toward $76,298-$76,767.
Oscillators split while moving averages stay bullish
Daily oscillators show one bearish signal, eight neutral, and two bullish readings, with the RSI at 64 and the MACD at 3,107 the lone bearish reading. Moving averages tell a stronger story, with 13 bullish readings out of 15, one neutral, and one bearish reading from the Hull MA at $80,469.
A sustained move back through $80,537 would put bulls back in the driver's seat and bring $82,108 into focus, according to the report. But the bearish case gets significantly stronger if bitcoin breaks and holds below $79,013, confirming the rebound toward $79,500 was only a temporary repair bounce.
Source: Bitcoin News
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