Bitcoin Touched $79,500 and Fell Back to $77,500: On-Chain Data Shows Why

Key takeaways:

• BTC hit 12-week high of $79,488 on April 27, now at $77,700.
• Third rejection at $80,000.
• RSI collapsed from approximately 75 to 39.54 in a single candle.
• Rejection candle volume largest sell candle visible on the 1H chart.
• Price returned to prior range top at $77,700.
• RSI signal line at 62.43.
• FOMC rate decision April 29 – Powell’s final remarks before Warsh takes over May 15.
• Support: $78,500 immediate, $76,900 (200-EMA 1H), $75,000 critical floor.
• Daily close above $79,500 needed to open path toward $82,000-$83,850.