Bitcoin dips below $79,000, eyes $76,000 support as $78,000 weakness emerges

Bitcoin (BTC) slipped to around $78,450 on Sept. 8, marking a roughly 1% decline over the previous 24 hours after failing to hold the former $79,500 support area.

Short‑term price action

The 4‑hour chart showed an intraday high near $78,995 and a low of $78,281. The price stayed just above the Supertrend level at $78,204, making that indicator a near‑term test for buyers. Chaikin Money Flow (CMF) on the 4‑hour timeframe fell to –0.10, indicating that more capital is exiting the asset than entering it.

Key technical levels

• Immediate resistance: $79,500 (now acting as resistance)
• Potential downside target: $76,000 if the $78,000–$78,200 floor breaks
• Upper upside targets: $80,600 and $82,000 if the price recovers above $79,500

Daily trend context

Despite the pullback, Bitcoin remains above its 20‑, 50‑, 100‑ and 200‑day simple moving averages, a configuration typically associated with a broader uptrend. The 20‑day SMA sits near $78,440, the 50‑day around $69,995, the 100‑day near $66,622 and the 200‑day close to $69,902. The Average Directional Index (ADX) reads 48.35, indicating a strong underlying trend.

Liquidity and liquidation clusters

CoinGlass’ three‑day liquidation heatmap highlighted a concentration of leveraged long positions around $78,000. A break below this band could trigger forced liquidations and expose lower liquidity near $77,500, with the next notable support around $76,000. Larger liquidation clusters sit above $80,500, suggesting that price movement may be influenced by both nearby long liquidations and higher‑level short liquidations.

Macro backdrop

US labor data showed a robust August payroll increase of 162,000 jobs, well above the 12‑month average, while the unemployment rate held at 4.1%. Inflation remained above the Fed’s 2% target, with the PCE price index up 3.7% year‑over‑year in July. These factors keep the probability of a rate hike at the September Federal Reserve meeting elevated, adding pressure to non‑yield‑bearing assets such as Bitcoin.

Outlook

Maintaining the $78,000–$78,200 zone would preserve the 4‑hour Supertrend and allow a potential bounce toward $79,500 and higher. A decisive close below $78,000 could shift the short‑term structure, opening the path to $77,000 and $76,000. A break above $82,300 would invalidate the current range and signal a fresh breakout.