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    Home - Cryptocurrency & Blockchain - Bitcoin Price Analysis: Will the $80K Support Level Hold BTC After Recent Rejection?
    Cryptocurrency & Blockchain

    Bitcoin Price Analysis: Will the $80K Support Level Hold BTC After Recent Rejection?

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    Bitcoin Price Analysis: Will the K Support Level Hold BTC After Recent Rejection?
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    Bitcoin’s price was rejected this week, showcasing the insufficient bullish momentum in the market.

    Nevertheless, the asset faces a substantial support range at the $80K mark, which is expected to hold the price in the short term.

    Technical Analysis

    By Shayan

    The Daily Chart

    Bitcoin has recently experienced a notable rejection after briefly breaking above the 100-day MA, signaling a false breakout and insufficient bullish momentum. This failure to break through reinforces the prevailing bearish sentiment in the market.

    Nevertheless, BTC is approaching a substantial support range, including the psychological $80K level and the 0.5 ($84K) – 0.618 ($78K) Fibonacci retracement zone. This crucial region is expected to act as a support zone, potentially leading to a new consolidation phase around the $80K mark.

    Given these conditions, Bitcoin is likely to continue its decline toward $80K in the short term, where price action will determine the next significant move.

    The 4-Hour Chart

    On the lower timeframe, Bitcoin encountered increased selling pressure at the upper boundary of its descending channel, leading to a strong rejection. The price is currently testing short-term support at $83K, aligning with a prior swing low. While some buying interest may emerge at this level, overall market conditions lack bullish momentum, and sellers remain dominant.

    As a result, BTC is likely to break below $83K and move toward the channel’s mid-boundary at $80K, which is a critical inflection point. While it may support the price and initiate a consolidation phase, a breakdown below this level could trigger a deeper decline toward the $77K threshold.

    On-chain Analysis

    By Shayan

    Bitcoin’s interaction with the Realized Price of long-term holders’ UTXOs has historically been a key indicator of market direction, as it represents the average acquisition cost of these holders. Bear markets typically begin when the price drops below the realized price of the 6-12 month cohort, signaling losses and potential distribution by these big investors.

    Currently, BTC is trading below the realized price of the 3-6 month cohort at $88K but remains above the 6-12 month cohort’s realized price of $62K. This suggests that while the market is undergoing a deep correction, it is too early to confirm the onset of a bear market.

    Bitcoin is likely to continue its corrective retracement within this range until new demand enters the market. The $88K level remains a critical threshold, where a breakout above it could signal the start of a fresh uptrend.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.



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