BTC Dips Below $77K While Bulls Fight to Secure 'Macro-Bullish Reversal'
BTC bulls faced challenges holding onto recent gains while the bull market support band emerged as a critical level needed to reverse the Bitcoin price trajectory.
Bitcoin (BTC) experienced a decline exceeding 2% on Monday as geopolitical tensions stemming from the US-Iran conflict once more influenced broader macro markets.
Key points:
- Bitcoin relinquished gains from earlier in the week as downside momentum approached 3% on Monday.
- Two critical moving averages remain at stake amid macroeconomic uncertainty surrounding the Iran conflict.
- Bulls must overcome resistance in the lower $80,000 range next, according to market analysis.
Crypto executive: Bitcoin must reclaim bull market support band
Information from TradingView revealed BTC/USD touching local bottoms of $76,567 on Bitstamp, surrendering gains achieved earlier.
The trading pair had succeeded in achieving a weekly candlestick close positioned above a crucial moving average — an outcome that market observers had anticipated would enable it to sidestep another pullback.
"Bitcoin just reclaimed the 21W EMA for the first time since Oct 2025," trader Ryan Hogue observed in a post on X.
"$84.5K (200DMA) looks like the next stop this week."
Nic Puckrin, CEO and cofounder of crypto education platform Coin Bureau, emphasized that Bitcoin's ability to reclaim its bull market support band — consisting of two moving averages including the 21-week EMA — had become crucial.
"We are right in the middle of the Bull Market Support Band. This has historically served as a key support for bull markets. We broke below the band in October last year," he told X followers.
"While 80k is acting as a resistance right now, if we flip the band to support, it would point to a major macro-bullish shift."
Crypto markets "shaping up for more upside"
Doubts regarding advancement between the US and Iran toward concluding the conflict nevertheless pushed Bitcoin downward at the Wall Street opening, alongside US equities.
Oil, on the other hand, started to climb, with WTI crude touching $97.50 per barrel to approach two-week peaks.
In commentary, trading company QCP Capital indicated that Iran's foreign minister flying to Russia for talks with President Vladimir Putin was "reviving concerns of broader geopolitical alignment and escalation, and adding to market uncertainty."
"Whether the next leg higher proves to be another classic bull trap or a more durable recovery will hinge on BTC's ability to close above 82k," it wrote in its latest Market Color analysis.
QCP added that corporate earnings represented another source of potential risk-asset volatility for the week ahead.
Meanwhile, crypto trader Michaël van de Poppe expressed optimism about a breakout surpassing the existing multimonth trading range.
"The markets are still shaping up for more upside, and it's still holding crucial levels," he wrote on the day.
"I think that we'll see $85-88K in May and correct/consolidate from there."