Bitcoin and HYPE Test Key Support as Corrections Near Turning Points

| odaily.news
Bitcoin and HYPE are testing key support levels, but neither has confirmed a trend reversal. Bitcoin fell to $79,775, below its previous weekly low of $80,400, after retreating from a September 21 peak of $87,399. It has since approached the $78,000–$79,000 support zone within a descending channel. The correction has lasted 34 trading days, and a seven-part structure on the four-hour chart, alongside possible momentum and volume divergence, suggests selling pressure may be easing. If support holds, a rebound could encounter resistance at $82,500–$84,500. A confirmed break lower could put $74,500–$76,000 in focus, followed by $69,100–$70,500. HYPE fell from $97.98 and reached $76.07, within the earlier $75–$77 support range. It briefly slipped below $75 before recovering. Weekly volume divergence and a four-hour bullish divergence may support a rebound, but confirmation is needed. Holding above $75 could open a move towards $80–$82; a sustained break below could expose $68–$70. For both Bitcoin and HYPE, these are technical scenarios rather than confirmed outcomes. Traders may wish to wait for price confirmation, manage position sizes and use stop-losses.
Neutral
The outlook is neutral because the analysis presents conditional scenarios rather than a confirmed directional signal. For Bitcoin, the fall below the prior weekly low and the descending channel point to continued correction risk. However, the $78,000–$79,000 support area and possible momentum and volume divergence could attract buyers if selling pressure fades. A sustained hold may support a rebound, while a confirmed breakdown could prompt further selling towards lower support zones. For HYPE, the brief dip below $75 and subsequent recovery leave the key level unresolved; divergence signals may encourage short-term dip buying, but a decisive loss of support could lead to another leg down. In the short term, traders may react to price confirmation around these levels, potentially increasing volatility. Over a longer horizon, these chart signals alone do not establish a lasting trend change; follow-through in price and broader market conditions would be needed. Position sizing and stop-losses remain relevant given the risk of false breaks.