Bitcoin rejects $94k pivot, eyes $78k support
Bitcoin failed to break and was repeatedly rejected at the key $94,000 channel-high pivot, prompting a shift in momentum toward downside targets. Multiple attempts to reclaim $94k produced weak buying volume and stronger sell-side pressure, marking a lower high in market structure. With futures open interest declining (de-leveraging) and momentum indicators turning bearish, BTC is rotating back toward the channel midpoint and faces a major support band near $78,000–$78,430. Traders should watch for a break below the midpoint to confirm a move to $78k; only a strong, high-volume reclaim of $94k would invalidate the bearish bias. Short-term outlook: increased probability of a corrective drop toward $78k. Longer-term recovery requires reclaiming the channel high and renewed buyer participation. Primary keywords: Bitcoin price, $94,000 pivot, $78,000 support.
Bearish
The article documents repeated rejections at the $94,000 channel high, weak buying volume on breakout attempts, rising sell-side pressure, declining futures open interest (de-leveraging), and a new lower-high in structure — all classic signals of bearish control. These factors increase the likelihood of a corrective move toward the listed high-time-frame support near $78,000–$78,430. Historically, similar patterns (failed channel breakouts with low volume and reduced open interest) have led to mid-to-large retracements — for example, early 2022 when weakening momentum and structure presaged extended downside. In the short term, traders should expect increased volatility and a higher probability of a drop toward $78k; options and leverage traders may see rising margin calls and liquidations if bears press momentum. In the medium to long term, a sustained recovery requires reclaiming $94k with robust volume; absent that, structural weakness could prolong the corrective phase and invite deeper tests of multi-month support. Key indicators to watch: volume on rallies, futures open interest, price action at the channel midpoint, and momentum oscillators. Risk management: favor tightened stops, reduce directional leverage on long positions, and consider short or hedge strategies if price breaks below the midpoint with confirmation.