FX.co ★ Helsinki | #Bitcoin chart analysis

On the H4 chart, the 200 SMA line sits at 72,555, representing the longer-term trend reference and a major support zone further down. The H4 50 SMA line is positioned at 77,465, acting as dynamic resistance just above current prices. On the H1 timeframe, the 200 SMA line is at 77,445, which aligns very closely with the H4 50 SMA at 77,465, creating a nearly perfect double-moving-average convergence at that resistance zone. The H1 50 SMA line is at 76,455, sitting above the current price as additional dynamic resistance. The current price of 75,700 trades below the H1 50 SMA at 76,455 and well below the clustered resistance at 77,445–77,465, while holding above the H4 200 SMA at 72,555. This positioning indicates that Bitcoin is in a pullback phase but remains above key long-term support. Now turning to distinct support and resistance levels that are independent of the SMAs, the important support areas are as follows: first important support at 75,600 (the level tested during the mild correction where buyers stepped in), second important support at 72,555. The important resistance areas are as follows: first important resistance at 76,455 (H1 50 SMA level), second important resistance at 77,445–77,465, third important resistance at 80,000. The price action shows Bitcoin tested support around 75,600, with bulls strengthening afterward and targeting a potential breakout of 80,000. A decisive break above 76,455 would signal short-term bullish momentum, opening the path toward the stronger 77,445–77,465 resistance cluster. A sustained move above 77,465 would then target the 80,000 psychological resistance. Conversely, a breakdown below 75,600 would expose the 72,555 support level. The convergence of the H1 200 SMA and H4 50 SMA near 77,445–77,465 adds exceptional technical weight to this resistance zone, but traders should treat the SMA cluster as a separate confirmation signal.

Cryptocurrency prices generally rose on Wednesday after a mild correction the day before, with Bitcoin testing support at around 75,600. The Crypto King was trading above $77,000 earlier before settling near 75,700, with bulls strengthening and targeting a potential breakout of $80,000. However, institutional interest in Bitcoin Spot Exchange-traded Funds has waned over the past few days, with outflows approaching $90 million on Tuesday and about $263 million on Monday. Cumulative inflows now stand at $58.21 billion, with average net assets under management of $100.39 billion. If demand continues to weaken, it could dampen the gains. The mild correction that tested the 75,600 support level was followed by a rebound, suggesting that buyers are still active at these levels. However, the consecutive outflows from spot Bitcoin ETFs over the past two days, totaling approximately $353 million, signal that institutional demand is softening. This could limit the upside potential and make the 80,000 resistance harder to break in the near term. Traders should pay close attention to the 75,600 level, which served as the tested support during the correction and represents the immediate downside floor. A breakdown below this level would expose the next important support at 72,555, which aligns with the H4 200 SMA. On the upside, the 76,455 level stands as the first important resistance, representing the H1 50 SMA. A break above this level would signal renewed bullish momentum, with the next major hurdle at the 77,445–77,465 resistance cluster where the H1 200 SMA and H4 50 SMA converge. The ultimate upside target and key psychological barrier sits at 80,000, which bulls are actively targeting. The waning institutional demand from spot Bitcoin ETFs is a critical factor to monitor. If outflows continue, the 75,600 support could come under pressure. Conversely, a return to inflows would provide the fuel needed to challenge the 77,445–77,465 resistance and potentially the 80,000 level. Wednesday's price action, showing a rebound from 75,600, suggests that this support is holding for now, but traders should watch ETF flow data closely.