Bitcoin loses growth momentum and heads towards support at 76,790

Bitcoin (BTCUSD) price momentum has been limited over the past few days, remaining in a narrow range between 85,500 and 82,000. At the trading opening on March 18, the price stood at 83,274.28, reflecting the market's cautious behavior.

Uncertainty in the global economy driven by tariffs imposed by US President Donald Trump continues to have a strong impact on investor sentiment. Earlier, these factors provoked a massive elimination of positions on the cryptocurrency asset.

Macroeconomic situation in the US puts additional pressure on the market. Consumer confidence has fallen down to a two-year low, while inflation and economic instability are predicted to grow. The US economy is expected to drop by 2.8% in the first quarter of 2025. Such forecasts increase market volatility, not excluding the cryptocurrency sector.

Institutional interest in cryptocurrency has also been affected by its volatility. So, the South Korean government stated its reluctance to use bitcoin or other cryptocurrencies as elements of foreign exchange reserves due to their high volatility. This once again emphasizes doubts about bitcoin's status as a safe asset and reduces its attractiveness.

Technical analysis confirms that the downtrend is continuing. The MACD indicator suggests the possibility of a short-term upward correction within a broader downtrend. The blue line is above the red one, both are in the negative zone, while the positive histogram above the zero mark confirms the strengthening of bullish positions. However, the current negative trend is likely to continue.

The Stochastic Oscillator complements this picture, signaling weaker bullish sentiment. The blue line (%K) has fallen below the red one (%D), indicating that the buyers lack the strength to change the trend. Both lines are in the neutral zone, with no obvious signs of overbought or oversold conditions, indicating that the market is preparing for a continued decline within the current market trend.

Current recommendation:

Selling at the current price. Take profit — 76,790. Stop loss — 86,000.