Indeed, BTC is facing resistance at the top of its major 16H order block at $79,400<\/strong>. For now, every breakout attempt is being defended by smart money with their sell orders. <\/p>\n\n\n\n Currently trading around $77,500<\/strong>, BTC is showing a slight drop of 1.5%<\/strong> over the last 24 hours, with a trading volume exceeding $27 billion<\/strong>. This sudden retracement<\/strong> shows that profit taking was massive once the critical threshold was approached.<\/p>\n\n\n\n Technical analysis reveals that the $79,400 zone is acting as a major psychological and technical resistance<\/strong>. At this level, order books were saturated with short positions, stopping any breakout<\/strong> attempt dead in its tracks. Sellers defended this area fiercely, causing an immediate rejection.<\/p>\n\n\n\n Momentum indicators, such as the RSI<\/strong>, are showing a triple bearish divergence on the 16H timeframe and a bearish divergence on the daily chart. These signals should not be ignored, especially since Bitcoin is getting rejected from the top of its range.<\/p>\n\n\n\n If the bulls fail to regain control quickly, this zone could become a glass ceiling. In this context, a return to the daily accumulation order block around $68,000 could occur in the coming weeks. Faced with this correction<\/strong>, all eyes are turning to the lower support<\/strong> levels. The first line of defense for buyers is located around $75,000 to $73,000. This threshold will be crucial to maintain the bullish structure.<\/p>\n\n\n\n If this support gives way under pressure, BTC could slide towards $68,500, thereby invalidating the positive momentum. Such a bearish<\/strong> scenario would likely trigger cascading liquidations in the derivatives markets, exacerbating the price drop. Indeed, massive clusters have formed to the downside all the way to $69,000.<\/p>\n\n\n\n Conversely, a clean bounce off these levels would confirm that the underlying trend remains intact. This would offer an excellent accumulation zone for whales before the next assault on the highs.<\/p>\n\n\n\n The question on everyone’s mind is whether this was just a “bear market rally” <\/em>or the beginning of a new bullish phase.<\/p>\n\n\n\n Traders will need to closely monitor the weekly close to confirm the market direction. A resurgence in buying volume will be essential to hope to smash through the $80,000 mark in the coming days.<\/p>\n\n\n\n But it is worth remembering that Powell’s latest FOMC meeting takes place this Wednesday. Historically, these FOMC meetings mark the beginning of a new bearish trend. And the markets price in this meeting by pushing the price up before the results to execute a sell the news<\/strong> event.<\/p>\n\n\n\nThe $79,400 wall: An impossible resistance to shatter?<\/h2>\n\n\n\n
![\"Bitcoin](\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/04\/27093106\/BTCUSD_2026-04-27_08-35-09-1024x764-1.jpg\")
<\/figure>\n\n\n\n
If this scenario unfolds, BTC would then sit on its major bullish trendline at $68,000<\/strong>. A downward breakdown of this line could send BTC plunging to the bottom of its range at $62,000<\/strong>. And if the drop continues and it loses this range bottom, BTC could head to $58,000 to $59,000<\/strong> by July or August, or even lower towards $52,000<\/strong>. <\/p>\n\n\n\nIs Bitcoin’s key support in danger?<\/h2>\n\n\n\n
![\"Bitcoin](\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/04\/27093109\/MMT-Screenshot-20260427_084612-1024x574-1.jpg\")
<\/figure>\n\n\n\nWas this a bear market rally or the start of a bull run?<\/h2>\n\n\n\n