Carolyn Palmer

Bitcoin has just lost a support level that had been holding for weeks. $79,500 was the line bulls needed to defend. After multiple tests, sellers have finally pushed BTC below it. We're now trading around $78K, with the latest 4H candle reaching as low as $76,371. And here's the problem. The $79,500 level is now the first area Bitcoin needs to reclaim. Until that happens, it risks turning former support into resistance. If buyers manage to recover $79,500, we could see some relief towards $81K. But if BTC remains below it, another move lower cannot be ruled out. The bigger resistance levels remain $83,500 and $87,000. For now, the 4H structure has weakened considerably. Bulls need to get that $79,500 level back quickly.

Bitcoin just reclaimed $83,000. BTC has been chopping around the $81,000–$82,000 range for most of the day, then suddenly ripped higher with a huge 15-minute candle. The move comes as concerns over an imminent Fed rate hike have eased, giving risk assets some breathing room. Now the question is whether Bitcoin can hold above $83K and push through $83,500, or whether sellers step in again. A strong move, but the follow-through is what matters.

$400 BILLION wiped from the US stock market in just 20 minutes after reports of a US-Iran deal turned out to be false. Markets rallied on the headlines, only to reverse when the optimism fell apart. This is exactly why trading geopolitical headlines is so dangerous. One rumour can send prices flying, then leave retail investors buying the top. In this market, the headline can change everything in seconds.