- Bitcoin price fell by 0.7% in 24 hours but recovered from lower levels.
- Santiment data showed that BTC sentiment has shifted from fear to strong FOMO.
- RVMM momentum remained positive as Bitcoin maintained its upward channel.
This month, Bitcoin price saw a slight rise from a monthly low of $64,000 to a high of $79,000. since then, Bitcoin-0.85% It is trading within the support and resistance range as it attempts to break the $80,000 level. However, each surge has been challenged, with bounces occurring.
Bitcoin price fell 0.7% with the 24-hour trend remaining below early highs
A quick look at press time reveals that Bitcoin price was trading at $77,706.30 after falling 0.7% in 24 hours. The price trend showed early weakness after a short move above the $78,250 area. Then the price of Bitcoin fell sharply and moved below the $78,000 level.
Bitcoin price later moved to a lower range near the $77,500 level. Momentum weakened further before BTC bottomed out below the middle range. After this decline, Bitcoin recovered and returned to the $77,700 level. The bounce created a steadier structure, although Bitcoin price remained below its previous highs.
after that, Bitcoin price It attempted another recovery attempt, followed by a brief pullback before settling at $77,706.30. Trading volume reached $25.16 billion, a decrease of 30.94% within 24 hours. The market value reached $1.55 trillion after declining by 0.69% during the same period.
Bitcoin sentiment enters the FOMO zone as the price approaches the $80,000 resistance
According to Santiment data, Bitcoin sentiment has moved from extreme pessimism to strong FOMO as Bitcoin price recovered from the recent rejection of $80,000. The chart showed crowds’ fear after Bitcoin failed near $80,000, with negative comments rising sharply. That pessimistic phase came when Bitcoin seemed to risk deeper losses. However, Bitcoin price quickly recovered and surpassed $78,700, according to shared data.
Recovery has changed the image of emotions across social media. Positive comments increased, while the positive to negative ratio moved into the FOMO zone on the chart. The latest reading has put crowd sentiment in cheerful territory as BTC approaches $80,000 once again. The note described this area as “the greedy crowd above this line”, marking a sharp shift in mood.
Bitcoin price trend is still showing a recovery pattern after the previous rejection. The move above $78,700 kept the market near the next resistance area. However, the chart linked the strong optimism to a warning zone. It showed that the FOMO crowd rose while BTC approached the same level that rejected the price earlier.
Does the RVMM indicator support pushing Bitcoin towards $80,000?
According to technical analysis. Bitcoin price Follow the upward advance trend from the lower April range towards the upper channel area. The price formed higher highs and higher lows within an ascending parallel channel. The Bitcoin price chart shows Bitcoin holding near the upper half of that channel after a steady recovery. The last candles remain above the lower trend line, keeping the short-term structure positive.
Previous market action showed a broad decline from the higher levels before Bitcoin price found support near the lower zone. After that base, Bitcoin gradually recovered and moved to a clearer upward trajectory. The RVMM indicator supports the current recovery setting. The RSI is at 62.72, keeping the price action below the overbought level of 70. The recent yellow areas are associated with an uptrend, while the earlier blue areas indicate weaker phases.
Bitcoin-0.85% It is now facing pressure near the top of the ascending regression channel. A break above that channel could open a move towards the next resistance area near $80,000. However, failure to maintain the channel may result in a pullback towards the lower trend line. For now, the setup keeps the bulls in control while the price maintains its upward channel.
