Bitcoin price prediction: Will $72,926 support hold? BTC trades down

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Bitcoin drops 5.94% to $75,604 today

Highlights

Bitcoin briefly surpassed $80,000 after US midterm elections reduced political uncertainty and resolved a major market risk.
Renewed selling pressure reversed the earlier gains, keeping Bitcoin's price action under broad downward pressure.
Technical indicators show Bitcoin trades below key short-term moving averages, with a high likelihood of further declines within the $72,926 to $78,282 range.

Temporary risk appetite fades as selling resumes after political relief

On Wednesday, Bitcoin briefly regained the $80,000 level following the easing of uncertainty surrounding the US midterm elections, as markets interpreted a Democratic sweep as resolving a major point of political risk, according to Bloomingbit. The reduced political uncertainty led to improved risk appetite and buying interest in Bitcoin among investors. However, this temporary boost in sentiment has been overtaken by renewed selling, as price action has remained under broader selling pressure.

Mixed technical momentum as sellers keep price near support

BTC/USD is positioned below its MA-20 and MA-50 on the four-hour chart, with continued support above the MA-200 on the daily timeframe. The Ichimoku Kijun currently marks immediate resistance at $78,202. Momentum indicators are mixed: MACD is neutral, while ADX signals a sell environment and weak underlying momentum. RSI and CCI remain in neutral territory; Stochastic RSI is currently in the oversold zone, suggesting the possibility of selling exhaustion. Negative Bull/Bear Power and a strong sell reading from the Awesome Oscillator confirm that sellers have controlled recent action, as price activity stays near today's low amidst moderate volatility.

Bearish scenario favored if support fails amid low breakout odds

Looking ahead over the next several days, BTC is expected to remain within a range of $72,926 to $78,282 amid typical volatility. Probability for a meaningful upward move is considered very low, with a high likelihood of further downside if support is breached. Should the price remain within this band, a sideways consolidation scenario would be likely. For any bullish reversal to take hold, BTC would need to break through immediate resistance levels; in contrast, a drop below the projected support would reinforce the bearish scenario.

Anton Kharitonov, analyst at Traders Union, notes that Bitcoin has lost ground beneath its key moving averages, while short-lived optimism following the US midterm elections quickly faded. He sees technical indicators confirming bearish momentum and limited appetite for risk among investors. Base case remains further downside unless immediate resistance near $78,202 is broken. "Cautious approach is warranted here — I stay defensive as long as sellers control price below resistance."

Previously it was reported that major Bitcoin mining companies such as IREN and Core Scientific, are shifting focus away from cryptocurrency mining toward AI-driven infrastructure due to worsening mining economics. With current price action showing sustained pressure and a high likelihood of further downside if support breaks, monitoring the $72,926 support level is critical for assessing near-term risk.

Source of Data: BTC Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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