Will it carry the support level of $ 80,000 BTC after the last rejection?

Bitcoin’s price was rejected this week, as insufficient bullish momentum was offered in the market.

However, the original faces a large support range at the mark of 80 thousand dollars, which is expected to keep the price in the short term.

Technical analysis

by Shayan

Daily chart

Bitcoin recently witnessed a remarkable refusal after briefly broken MA for 100 days, indicating the wrong eruption and an insufficient bullish penis. This failure in penetration enhances the dominant feelings of the market.

However, BTC is close to a large support scope, including the level of 80 thousand dollars and $ 0.5 (84 thousand dollars) – 0.618 ($ 78,000) in Fibonacci. This decisive area is expected to act as a support zone, which may lead to a new standard of unification around the mark of $ 80,000.

Given these conditions, Bitcoin is likely to continue to drop about $ 80,000 in the short term, as the price procedure will determine the next important step.

The graph for 4 hours

In the low time frame, Bitcoin faced increased pressure pressure at the upper limits of its aforementioned categorical, leading to a strong rejection. The price is currently testing the support in the short term at 83 thousand dollars, and is in line with the previous decrease. While some of the purchase interests may appear at this level, the total market conditions lack the bullish momentum, and the sellers are still dominant.

As a result, BTC is likely to be broken to less than 83 thousand dollars and moves towards the middle of the channel at 80 thousand dollars, which is a critical turning point. Although it may support the price and start a standardization stage, the collapse without this level can lead to a deeper decrease towards the threshold of 77 thousand dollars.

Series analysis

by Shayan

Bitcoin’s interaction with the price of the long -term UTXOS holders has been a major indication of the market direction, as it represents the average cost of acquisition for these bearers. Bear markets usually begin when the price decreases below the price achieved for the regiment for 6-12 months, and the possible losses and distribution by these big investors indicate.

Currently, the BTC is trading below the price of the regiment 3-6 months at 88 thousand dollars, but it is still higher than the price of the 6 to 12 months of $ 62,000. This indicates that although the market is subject to a deep correction, it is too early to confirm the beginning of the bear market.

Bitcoin is likely to continue to decline in this range until the new demand enters the market. The level of 88 thousand dollars is still a decisive threshold, as the collapse above it can indicate the beginning of the fresh upward trend.