Bitcoin Faces Downside Risk at $78K: Technical Rejection Threatens Breakout

Bitcoin (BTC) currently hovers around the $83,000 level, facing a complex market landscape with potential for both upward and downward movement. While bullish sentiment has been fueled by recent short squeezes and increased spot trading activity, technical indicators suggest a significant downturn towards the $78,600 support level is likely. 21-week Exponential Moving Average (EMA) analysis suggests the price may stall before breakout, with further decline dependent on how well bulls can maintain current range.