BTC eyes $78,000 as next target

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• BTC's Open Interest has pulled back a tad whilst Funding remains close to 0.00%, indicating that there isn't a huge appetite amongst traders to be placing heavy leverage bets.

BTC's open interest (by number of coins):

Technical analysis

• Price rejected into the $87k to $88k region (our Short Box), and price has pulled back to $82k, which we have identified as a local support.
• $81,500 to $82,000 is the local support zone, and the price has bounced slightly from there over the last 24 hours.
• There is now a very local resistance at $84,500, with $87,200 as a more meaningful resistance. Beyond that, the key level is $91,700. But, we don't expect this level to be even tested anytime soon.
• Below $81,500 to $82,000 (the local support), the major support is likely the zone between $76,000 and $78,000.
• Interestingly, the RSI broke out of its downtrend, it pulled back to retest the downtrend as support, and it's now bouncing. However, it does remain below its moving average.

• Next Support: $81,500
• Next Resistance: $87,200
• Direction: Bearish
• Upside Target: $85,500
• Downside Target: $78,000

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Cryptonary's take

Bitcoin is in a tighter range between $81,500 and $87,200, however, the levels on either side are also open. These would be $78,000 and $88,500. We don't, however, expect any major upside in the short-term, and in fact, we are quite confident that this price range will break, and the break will be to the downside.

The market is on edge going into Trump's reciprocal tariff announcement tomorrow, and even if that comes in lighter than expected (we don't think it will), then any rally off the back of it we expect to be short-lived.

Ultimately, in the short or medium term, we do expect the price to break down and eventually retest that $76,000 to $78,000 level. We'll exercise patience in the meantime.