Bitcoin Technicals. The gains from yesterday from a price and technical perspective, are being unraveled today.

<p class="PDq2pG_selectionAnchorContainer" dir="auto">In my post yesterday on Bitcoin and Ethereum, I outlined how the short-term technical picture for Bitcoin was beginning to tilt more to the upside. The price had moved back above both the 100-hour and 200-hour moving averages, giving buyers more control.</p><p dir="auto">However, buyers still needed to prove they could extend that momentum. The next target was near $79,851, but the price never reached that level. Instead, Bitcoin reversed lower—and the technical picture began to unravel.</p><p dir="auto"></p><p dir="auto">The first warning came when the price moved back below the 200-hour moving average at $77,906. That weakened the bullish bias. The subsequent break below the 100-hour moving average at $77,460 shifted the short-term bias more decisively in favor of the sellers.</p><p dir="auto">Bitcoin is now trading near its low for the day at $76,076. That decline briefly pushed the price below the upper boundary of an important swing area between $75,668 and $76,229.</p><p dir="auto">A key decision area for buyers and sellers</p><p dir="auto">This swing area has repeatedly attracted buyers. Since August 21, Bitcoin has tested the zone five or six times without sustaining a break below it. Each time, buyers leaned against the support and pushed the price higher.</p><p dir="auto">Will they do it again today?</p><p dir="auto">That is the key question. Holding above the swing area would give dip buyers another opportunity to slow the decline and potentially start rebuilding the bullish technical picture. However, buyers would still need to reclaim the 100-hour and 200-hour moving averages before gaining meaningful control again.</p><p dir="auto">Conversely, a sustained break below $75,668 would signal that the repeated support is finally giving way. That would strengthen the bearish bias and put the 38.2% retracement of the advance from the August 14 low—at $74,755—in play as the next important downside target.</p><p dir="auto">A move below that retracement would tilt the technical picture even more firmly in favor of the sellers.</p><p dir="auto">The trading lesson</p><p dir="auto">Technical analysis is not about predicting with certainty. It is about identifying levels where buyers or sellers should act—and knowing where the trade idea is wrong.</p><p dir="auto">For traders looking to buy the dip, the $75,668–$76,229 swing area is a logical place to lean, with risk defined below the zone. If the support breaks, buyers should respect the failure rather than hope the market turns back around.</p><p dir="auto">For traders who sold the breaks below the 200-hour or 100-hour moving averages, the market has moved in their favor. Risk can now be reduced toward the entry level, but sellers still need confirmation through a sustained break of the swing area.</p><p dir="auto">In the video above, I explain how yesterday’s developing bullish bias unraveled, why the current support zone is so important, and the levels that will tell traders whether buyers can regain control—or whether Bitcoin is preparing for another move lower.</p><p dir="auto">For other digital currency insight from investingLive :</p><ul><li><a href="https://investinglive.com/cryptocurrency/ethereum-gets-jittery-ahead-of-clarity-act-vote-and-fed-decision-what-to-watch-next/" rel="follow">Ethereum gets jittery ahead of CLARITY Act vote and Fed decision. What to watch next?</a></li><li><p class="title"><a href="https://investinglive.com/cryptocurrency/democrats-split-over-clarity-act-as-senate-vote-nears/" rel="follow">Democrats split over Clarity Act as Senate vote nears</a></p></li></ul> This article was written by Greg Michalowski at investinglive.com.