Bitcoin Breaks April Support Level on FOMC Day

Bitcoin fell below the ascending support line that guided its April rally, according to technical analysis shared by Elja. The breakdown occurred on FOMC day, with BTC trading near $75,633 after losing the lower boundary of its rising channel that had held through April as the price moved from the mid-$60,000 area toward the upper $70,000 range.

April Ascending Support Breakdown

The 8-hour BTC/USD chart shows Bitcoin trading below the former support channel, a shift that weakens short-term structure because the previous support area may now act as resistance. The latest candles indicate price sitting below the channel instead of bouncing from it.

For a recovery, bears remain in control unless Bitcoin reclaims the channel. A move back above the lower trendline would signal that buyers are attempting to recover the April uptrend. If BTC fails to reclaim that area, sellers may maintain pressure on the market. The next important zone sits near $74,800, where price recently paused after the breakdown.

The technical breakdown does not confirm a deeper crash by itself. It shows a short-term technical breakdown following FOMC day, meaning traders will likely watch whether BTC can recover the lost support or continue lower below the recent range.

Whale Buy Orders Absorb Selling Pressure

Bitcoin traded near $75,847 as whale activity appeared to absorb selling pressure, according to a chart shared by CW. The chart shows BTC moving sideways after its recent pullback from the $77,904 area.

During the decline, lower liquidity bands expanded, while yellow zones appeared near the downside area. These zones suggest large buy orders formed as sellers pushed price lower. This setup indicates that whales may be placing bids below the market and absorbing sell volume, with large buyers stepping in while weaker hands sell.

However, the chart does not confirm a full bullish reversal yet. Bitcoin still needs stronger upside movement to prove that demand can push price away from the lower range.

For now, the main area to watch sits around $75,800. If BTC holds this zone, whale bids may keep the price stable and support a short-term recovery. But if selling pressure breaks through those buy orders, Bitcoin could retest the lower liquidity area near $72,000 to $73,000. The chart shows demand below price, but buyers still need to follow through.