Crypto Firm Exodus Drains 63% Of Its Bitcoin Reserves As Q1 Loss Doubled Year Over Year
Exodus Movement sells over 1,000 Bitcoin, reducing reserves by 63% as revenue drops significantly.
NewsBTC1 min read
Bitcoin Price Analysis: BTC Faces Major Resistance Zone After 5% Weekly Surge
TL;DR
Bitcoin is currently trading at $76.2k, marking its highest price since February and entering the $75k–$80k resistance zone. This breakout above the descending channel and 100-day moving average suggests a potential bullish trend if sustained.
Key points
- Bitcoin trading at $76.2k, highest since February
- Entered $75k–$80k resistance zone
- Breakout above descending channel and 100-day MA
Bitcoin is trading around $76.2k, posting its highest price since the February crash and officially entering the $75k–$80k resistance band that has defined the ceiling of the recent consolidation. The move marks a meaningful escalation in the recovery, with BTC now breaking above the descending channel and the 100-day MA simultaneously, which could be a very optimistic sign if sustained in the coming weeks.
Bitcoin Price Analysis: The Daily Chart
BTC has broken decisively above both the descending channel’s upper boundary and the 100-day moving average (~$75k) on the daily chart. The RSI is now above 60, showing its highest reading since January when BTC was trading around $95k. This is the most constructive daily setup over the past couple of months, and for the first time, the technical weight of evidence is beginning to tilt in favor of buyers rather than simply suggesting seller exhaustion.
The immediate focus shifts to whether BTC can close above the $75k–$80k resistance zone and establish it as a support level. This zone can serve as a key floor for the upcoming months, and reclaiming it on a sustained basis would be a significant structural development. Above it, the 200-day MA (~$86k–$87k) and the $95k–$100k critical supply zone represent the next major obstacles. On the downside, the channel’s former upper boundary can be counted on for a retest and bounce, with the $60k area as the deeper floor.
BTC/USDT 4-Hour Chart
On the 4-hour chart, BTC has briefly pushed through the upper boundary of the ascending channel earlier in the week, tagging the $78k mark before falling back inside the channel. The price is now sitting just below the upper boundary, which is a pattern that often reflects a short-term consolidation or correction following a failed breakout.
The RSI on this timeframe has also pulled back from the overbought region but is not yet signaling a trend reversal. A consolidation above $74k–$75k followed by a renewed push would be the ideal structure for buyers. A breakdown back below the recent structural low near $74k, however, would be more concerning and would warrant reassessment of the short-term outlook, as it points to a probable bearish market shift on the 4-hour timeframe.
Q&A
What is the current price of Bitcoin and its recent performance?
Bitcoin is trading at $76.2k, having surged 5% over the past week, reaching its highest price since February.
What does the $75k–$80k resistance zone mean for Bitcoin's future?
The $75k–$80k resistance zone is crucial; if Bitcoin can establish this level as support, it could indicate a significant bullish trend.
What are the next major price targets for Bitcoin after breaking the resistance?
After breaking the resistance, the next major targets for Bitcoin are the 200-day moving average around $86k–$87k and the critical supply zone at $95k–$100k.
