Bitcoin lost the ascending support that carried its April rally, putting sellers in control after the FOMC day breakdown.
However, whale buy orders near $75,800 show large buyers are still absorbing sell pressure as $BTC tries to hold its current range.
Bitcoin Price Loses April Ascending Support on FOMC Day
Bitcoin fell below the ascending support line that guided price action through most of April, according to the 8 hour $BTC/USD chart shared by Elja.
The chart shows $BTC trading near $75,633 after losing the lower boundary of its rising channel. That support had held through April as Bitcoin moved from the mid $60,000 area toward the upper $70,000 range.
Bitcoin April Ascending Support Breakdown: Source: Elja
However, the latest candles show price sitting below the channel instead of bouncing from it. That shift weakens the short term structure because the former support area may now act as resistance.
For now, bears remain in control unless Bitcoin reclaims the channel. A move back above the lower trendline would show that buyers are trying to recover the April uptrend.
If $BTC fails to reclaim that area, sellers may keep pressure on the market. The next important zone sits near $74,800, where price recently paused after the breakdown.
The chart does not confirm a deeper crash by itself. It shows a short term technical breakdown after FOMC day. Therefore, traders will likely watch whether $BTC can recover the lost support or continue lower below the recent range.
Bitcoin Whale Orders Absorb Selling Near $75,800
Bitcoin traded near $75,847 as whale activity appeared to absorb selling pressure, according to the chart shared by CW.
The chart shows $BTC moving sideways after its recent pullback from the $77,904 area. During the decline, the lower liquidity bands expanded, while yellow zones appeared near the downside area. These zones suggest large buy orders formed as sellers pushed price lower.
Bitcoin Whale Buy Orders: Source: CW
This setup shows that whales may be placing bids below the market and absorbing sell volume. In simple terms, large buyers are 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.