- Bitcoin price fell 0.7% in 24 hours but recovered from the bottom.
- Sentiment data showed BTC sentiment shifting from fear to strong FOMO.
- The momentum of RVMM remained positive while Bitcoin held its upward trend.
This month, the price of Bitcoin rose from its monthly low of $64K to a high of $79K. Since then, a BTC-0.85% he has been trading within the support and resistance as he tries to break above $80K. However, every upgrade has been criticized, even if it happens again.
Bitcoin Price Drops 0.7% as 24-Hour Market Hits All-Time High
A brief look at press time shows that the price of Bitcoin was sold at $77,706.30 after a fall of 0.7% in 24 hours. The price of Bitcoin then fell sharply and moved below the $78,000 level.
The price of Bitcoin later moved to a lower level near the $77,500 level. Momentum weakened significantly before BTC reached the lowest level in the lower middle. After this drop, Bitcoin recovered and returned to $77,700. The reversal formed a stable pattern, although the price of Bitcoin remained very low.
After that, The price of Bitcoin made another attempt, followed by a short-term pullback before settling at $77,706.30. The trading volume reached $25.16 billion, down 30.94% in 24 hours. The market capitalization stood at $1.55 trillion after falling 0.69% in the same period.
Bitcoin Sentiment Enters FOMO Territory as Price Approaches $80K Resistance
According to Santiment data, Bitcoin sentiment shifted from strong optimism to strong FOMO as the price of Bitcoin began to reject the recent $80,000 level. The chart showed the fear of many people after BTC failed near $ 80,000, with negative comments rising sharply. That pessimistic phase came when Bitcoin appeared to be in danger of losing a lot. However, the price of Bitcoin quickly recovered and moved above $ 78,700, according to the information shared.
Recovery changed the emotional landscape of social media. Positive reviews increased, while the positive to negative ratio moved towards the FOMO side of the chart. Recent readings have put public interest in the euphoric zone as BTC approaches $80,000 again. The truth called this area “Holy Crowd Above This Line,” indicating a radical change in attitude.
The price of Bitcoin still showed a recovery after the initial rejection. A move above $78,700 kept the market close to resistance. However, the chart combined strong optimism with a cautionary side. It showed that the FOMO crowd increased when BTC approached the same level that rejected the price in the first place.
Does the RVMM Indicator Support Bitcoin’s Push Toward $80K?
According to technical research, The price of Bitcoin following an upward path from the lower part of April to the upper region. The price made highs and lows within a similar rising trend. The Bitcoin price chart shows Bitcoin holding near the upper half of the trend after recovery. Recent candles remain above the low trend, keeping the long-term trend positive.
In the past the market showed a sharp decline from the highs before the price of Bitcoin found support near the lows. After the base, Bitcoin recovered slowly and moved to an upward trend. The RVMM indicator supports the current setting. Its RSI is at 62.72, which keeps the price below the maximum level of 70. The recent yellow areas correspond to the upward trend, while the early blue areas indicate weak areas.
BTC-0.85% it is now facing pressure near the top of an upward trend. A break above the channel could pave the way to a resistance near $80,000. However, failure to hold the channel may result in reversion to lower channels. Meanwhile, the setup gives the bulls a correction while the price has an upward path.
