Bitcoin analyst Ali Charts has identified $71,200 as a potential accumulation zone based on Bitcoin’s short-term holder cost basis. BTC is trading around $77,000, with support at $76,500–$77,000 and resistance at $77,500–$78,000 defining the near-term range.

The assessment comes after Bitcoin retreated from nearly $80,000 toward $77,000. Market indicators continue to show bearish short-term momentum, while a break below $76,500 could expose support near $76,000 and potentially lower levels.

Ali Charts Highlights $71,200 Cost Basis

Ali Charts said Bitcoin’s short-term holder cost basis has served as a useful buying area during previous bull markets. Focusing on the 2022–2025 period, the analyst noted that BTC repeatedly presented broader buying opportunities when it touched or briefly fell below that level.

He also addressed traders who missed Bitcoin’s move below $60,000. According to Ali Charts, the rise toward the $77,000–$80,000 range could feel frustrating for those traders, but he advised against chasing the current price. Instead, he pointed to a possible pullback toward the short-term holder cost basis near $71,200.

Bitcoin Shows Bearish Momentum Near $77,000

Bitcoin currently trades around $77,000. The latest candle opened at $77,129.47, reached $77,138.15, and fell to $77,000 before closing at that level. It recorded a 0.14% decline, while reported volume was zero.

The price remained between $79,500 and $80,000 from September 5 to September 7. Bitcoin briefly moved above $80,000 before reversing sharply. The decline later reached approximately $78,000, followed by another sell-off toward $76,500–$76,800 on September 11.

A sharp rebound then lifted BTC toward $79,800, although the move met strong rejection. Since September 12, Bitcoin has traded mostly between $76,900 and $77,500.

Technical Levels Point to the Next Range

Technical readings remain weak. The relative strength index (RSI) stands at 39.23, below its moving average of 45.82 and the neutral 50 level. It remains above the 30 threshold typically associated with oversold conditions. A move above 50 would indicate stronger buying pressure.

The MACD line is at -59.30, below the signal line at -43.10. Its histogram reads -16.20, confirming renewed downside momentum following the rebound.

Current support spans $76,500–$77,000, with stronger support near $76,000. Resistance is positioned around $77,500–$78,000, followed by $79,000 and $79,800. A sustained move above $78,000 could support a recovery, while a break below $76,500 could expose $76,000 and lower support levels.

Source: Cryptofrontnews.