Bitcoin: Fakeout at the Highs — Now $79K Is Doing the Heavy LiftBitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisBreakout Turns Into a Fakeout Bitcoin failed to capitalise on its break above previous resistance, with the push to $82,300 quickly rejected. Price falling back beneath the breakout area leaves that move looking increasingly like a fakeout at the highs. Bulls Defending $79,000 Price has now pulled back into the initial support zone around $79,000, where buyers are attempting to step back in. This area has already played an important role in recent price action and is the first level bulls need to defend. EMAs Add Further Support The bullishly crossed 100/50-period EMAs remain beneath price, with the 100-period EMA currently sitting around the $79,000 support zone. This adds further technical confluence to an already important area. Momentum Still Carries a Warning The pullback has developed on relatively low volume, suggesting sellers are not yet showing particularly strong conviction. However, RSI remains below 50 and continues to show a two-week bearish divergence, while StochRSI has moved into oversold territory. Bulls Need to Reclaim $80,599 Holding support would give buyers a platform to regroup, but $80,599 is now the first significant hurdle. A break above that swing high would increase the odds of another challenge of the highs and begin to repair the damage from the recent fakeout. In Summary Bitcoin’s failed breakout to $82,300 has handed some short-term momentum back to sellers, but the bulls are now defending an important area around $79,000. The bullishly crossed 100/50-period EMAs provide additional support, while relatively low volume on the pullback suggests selling pressure remains contained. The bearish RSI divergence is still a warning, however. Holding $79,000 keeps the recovery alive, with a break above $80,599 needed to put the recent highs back in play.