An analysis said bitcoin’s upward momentum has weakened after it failed to hold the $82,000 level and slid to $76,000.

Cointelegraph reported on Tuesday that the market sees the $74,000 to $76,000 range as a key support zone.

Bitcoin fell 8 percent after rising above $82,000, its highest level in months, and is now trading around $77,200. The area near $78,000, where the real market mean and short-term holders’ cost basis are concentrated, is acting as immediate resistance.

Swissblock, a private wealth management firm, assessed that bitcoin’s momentum weakened after it failed to sustain an upward trend above $82,000. It said each rebound has shown less upside strength, pushing the price down to $76,000.

Other indicators pointed in a similar direction. Axel Adler Jr said bitcoin’s slow impulse performance indicator turned negative for the first time since April. Glassnode said in a recent market report that its price momentum indicator fell 29 percent over the past week, to 47.1 from 66.7.

The market is focusing on the $74,000 to $75,000 range. The zone has repeatedly served as support over the past 2 years and coincides with the 50-day exponential moving average, 100-day exponential moving average and 50-day simple moving average. Material Indicators said bitcoin’s failure to drop below that range could be seen as a bullish signal.

If that support breaks, the next levels to watch are $72,000 and the psychological support at $70,000. If those levels also give way, bitcoin could fall to $65,000 or retest the macro low below $60,000 recorded on Feb. 6. Separately, Don Crypto Trades said bitcoin could quickly retest $72,000 if support at $75,000 to $76,000 breaks.

Over a longer horizon, CryptoAmsterdam said it would be preferable for bitcoin to defend the $74,000 to $76,000 range on a three-day chart, and cited $72,000 as an additional line of defense. The analyst set downside targets at $60,000 and $50,000 if major support levels break in sequence. The 50-day simple moving average at $75,600 was also cited as a key defensive line for bulls.