Why Bitcoin Can't Break Free From $80,000

[Alpen]

On May 5, Bitcoin climbed above 80K, but now it's come back to that level for the second time. After the first pullback, BTC couldn't push to a new high, and a descending triangle pattern formed on the chart. Now, a third breakthrough 80K could actually trigger a reversal and send the crypto lower



Lower trading volume confirms there's no appetite to keep pushing higher, and sellers are getting active on exchanges, judging by the inflow of BTC. What's more, the whale share indicator has hit extreme levels, meaning nearly all the deposits are coming from large holders.
Short‑term holders, whose average entry price is around $80K, have now joined the whales. They're closing positions as soon as Bitcoin ticks above that level, apparently expecting a drop. The STH MVRV ratio has fallen to 0.9977, signalling that we're entering tactical capitulation territory.



On the fundamental side, the Senate is scheduled to vote on the Clarity Act tomorrow. Any delay in passing the law, or a failed vote, would push crypto regulation back until the fall. And by then, Congress will have a completely different makeup.

[Karl_3000]

Reversal is something that is not bad after bitcoin has increased for a period of time, it can also be seen as a retracement. I also think like you but mine is not about Clarity Act, it is about what could possibly happen on the chart.

This is normal, just hodl bitcoin because with time the price will go back up and increase more than this. It can take time before this happen but it will happen. This make me think the long term price speculation is what I prefer which is bitcoin price increase.

[EarnOnVictor]

The issue with Bitcoin is complex at this point, which is why I do not waste my time to be proving anything on the chart right now.

My chart graciously caught the recent bullish impact we saw recently that lasted over 6 weeks, but events has outlived it now, and it's beyond the technical view and some kind of micro/macro economic reasons, but the sentiments within the market itself.

The market is now again divided among the big liquidity players, and this is what triggers FUD. We should enjoy it while it lasts, and ensure we do not take irrational decisions until some senses return back to the market.

[Oshosondy]

The market is now again divided among the big liquidity players, and this is what triggers FUD. We should enjoy it while it lasts, and ensure we do not take irrational decisions until some senses return back to the market.

What FUD did big liquidity players caused? I did not see anyone creating panic right now. Also I do not think people are following any negative, false or misleading information about bitcoin right now. What I noticed recently are better markets and little altcoins prices increase. But I noticed the funding rate for bitcoin and the altcoins since many weeks ago that was negative has turned positive which might influence the market.

[Hatchy]

This is normal, just hodl bitcoin because with time the price will go back up and increase more than this. It can take time before this happen but it will happen. This make me think the long term price speculation is what I prefer which is bitcoin price increase.

I was actually anticipating a continuation of the little bullish movement form bitcoin weeks ago. But it's not as visible anymore like it was as at that time. Yes we don't have to bother about the short term moves in the market but indeed we still have to pay attention to what's going on. Bitcoin has been on a range. It's moving but much slower than before. This along can tell us something. We might be experiencing an indecisive market, where price would choose to turn on us and return to a lower level. Or if theres enough liquidity in the market, it will push higher. For now the whole financial market is being influenced by a lot of fundamental making it difficult to see the direction of the market..

[Aanuoluwatofunmi]

On May 5, Bitcoin climbed above 80K, but now it's come back to that level for the second time. After the first pullback, BTC couldn't push to a new high, and a descending triangle pattern formed on the chart. Now, a third breakthrough 80K could actually trigger a reversal and send the crypto lower

Sometimes the market take a kind of pattern that is unique when it comes to rising, you may not see it perform on a same direction to move at once or pump continuously at the same time, instead you will see it behaving in such manner whereby after rising you discover a little downtrend and before you know it it's rises again and come down so on until the resistance overcome, but when you see market performing a pump all of a sudden, it's indicates is sudden reaction and this is likely to reverse back and you will discover that the market for with the needed short period of time, but going on this man now, it is moving slow and steady until we achieve more beyond $80,000.

[EarnOnVictor]

The market is now again divided among the big liquidity players, and this is what triggers FUD. We should enjoy it while it lasts, and ensure we do not take irrational decisions until some senses return back to the market.

What FUD did big liquidity players caused? I did not see anyone creating panic right now. Also I do not think people are following any negative, false or misleading information about bitcoin right

This is not the kind of liquidity play I was referring to, but the natural demand and supply play in the market that continues to shift the balance from a stable flow of liquidity leaning towards a smooth trend, thereby causing the current condition of indecisive movements.

[michellee]

We can't expect the price increases so high as previous because the time maybe gone and we need to wait for some time. Even the price now at $80k level, that will not directly increase and reach $90k or jump to $100k short time.

This time will be accumulation time for the investor, big or small to collecting Bitcoin and hodl for another years. No need to panic seeing the price moves but prepare for the next thing happens.

If the price down further, actually it is good because we can buy Bitcoin at a low so we will make a profit in the future after what we do right now. We may see more fluctuation in the near and for next 2 years maybe.

[As-Soon-As]

On May 5, Bitcoin climbed above 80K, but now it's come back to that level for the second time. After the first pullback, BTC couldn't push to a new high, and a descending triangle pattern formed on the chart. Now, a third breakthrough 80K could actually trigger a reversal and send the crypto lower

Sometimes the market take a kind of pattern that is unique when it comes to rising, you may not see it perform on a same direction to move at once or pump continuously at the same time, instead you will see it behaving in such manner whereby after rising you discover a little downtrend and before you know it it's rises again and come down so on until the resistance overcome, but when you see market performing a pump all of a sudden, it's indicates is sudden reaction and this is likely to reverse back and you will discover that the market for with the needed short period of time, but going on this man now, it is moving slow and steady until we achieve more beyond $80,000.

In the current situation, it is very difficult to say which direction the market is moving, Bitcoin price is increasing slightly and then decreasing again. The market price is falling in an instant, the $80,000 level is very strong, for the last few days, Bitcoin price has been above this $80,000 level and has touched $83K. The possibility of Bitcoin price reaching 85K plus this month is very high, we should never be restless on this trend at present.

[goldkingcoiner]

We cannot expect Bitcoin to have a linear, non-stop trajectory upwards, can we? What goes up, has to come down. We know these downs as "corrections". And there is no point in getting spooked or wondering why Bitcoin did not keep going.

After the correction, I believe Bitcoin will go up again. Although there are a lot of obstacles in the way, for example the crazy geopolitics which are messing up the market volatility in upredictable directions. 

[Issa56]

We cannot expect Bitcoin to have a linear, non-stop trajectory upwards, can we? What goes up, has to come down. We know these downs as "corrections". And there is no point in getting spooked or wondering why Bitcoin did not keep going.

People just want bitcoin price to be pumping, and any slight reduction in bitcoin price, they going to be complaining. We should know that bitcoin price cant just keep on increasing, time will come which we going to experience reduction in market, and some times bitcoin price will be within a particular price range.

I don’t know why the Op is complaining just because bitcoin has not been able to break $80k, I don’t even think that should be what we going to be worried about, just give bitcoin some time, and we going to see the price above $80k, but we should know that correction is normal in market which is what’s happening right now.

[GeorgeJohn]

The issue with Bitcoin is complex at this point, which is why I do not waste my time to be proving anything on the chart right now.

I such like your statement that bitcoin is complex at this point...The price of Bitcoin is unpredictable, and that's the reason why some people does not know when is going to climb or not, the price can retrace at any time...Secondly, the price can get increased due to the gravity of the demands, which you may not know the gravity of the demands...So anyone who is predicting the price of Bitcoin, is not predicting base on assurance, it's based on assumptions.

[BitMaxz]

I'm not FUD, but here's my view on the technical side: we're currently at the bearish retracement level according to the Fibonacci sequence. The price action over the last three months is similar to what occurred between November and January. So there's a good chance the price will drop further in the coming days or weeks.
Looking at the chart below, we've already reached the bearish golden zone or a retracement level.



So it's normal to see a big selling volume recently, and I think the market is going to retest the $60k first before the price goes to retake the $80k level and above.
Another thing you could notice is the 200 EMA; the price has already bounced 2 times, which is a sign for a bearish double top pattern.

[shinratensei_]

We cannot expect Bitcoin to have a linear, non-stop trajectory upwards, can we? What goes up, has to come down. We know these downs as "corrections". And there is no point in getting spooked or wondering why Bitcoin did not keep going.

After the correction, I believe Bitcoin will go up again. Although there are a lot of obstacles in the way, for example the crazy geopolitics which are messing up the market volatility in upredictable directions. 

It's good enough that bitcoin already breaking the smaller resistance although failed to break the biggest one.
We still got times and supposedly we are in bearish market but bitcoin is still performing good enough. The geopolitics really put a dent to crypto market indeed, hence the lower buying demand.

[Alpen]

What FUD did big liquidity players caused? I did not see anyone creating panic right now. Also I do not think people are following any negative, false or misleading information about bitcoin right now. What I noticed recently are better markets and little altcoins prices increase. But I noticed the funding rate for bitcoin and the altcoins since many weeks ago that was negative has turned positive which might influence the market.

Michael Saylor suggesting he might sell Bitcoin from the company treasury? That’s pure FUD. The same goes for those massive whale transfers to exchanges—more often than not, it's just noise. These are exactly the metrics that on-chain analysts keep under a microscope to distinguish between actual selling pressure and simple wallet rebalancing.

[Alpen]

We cannot expect Bitcoin to have a linear, non-stop trajectory upwards, can we? What goes up, has to come down. We know these downs as "corrections". And there is no point in getting spooked or wondering why Bitcoin did not keep going.

After the correction, I believe Bitcoin will go up again. Although there are a lot of obstacles in the way, for example the crazy geopolitics which are messing up the market volatility in upredictable directions. 

Bitcoin has a tendency to enter long periods of sideways consolidation. I’m concerned we might spend the entire summer drifting aimlessly without any real direction until autumn

[Wiwo]

The market is now again divided among the big liquidity players, and this is what triggers FUD. We should enjoy it while it lasts, and ensure we do not take irrational decisions until some senses return back to the market.

What FUD did big liquidity players caused? I did not see anyone creating panic right now. Also I do not think people are following any negative, false or misleading information about bitcoin right now. What I noticed recently are better markets and little altcoins prices increase. But I noticed the funding rate for bitcoin and the altcoins since many weeks ago that was negative has turned positive which might influence the market.

I tend to lend more of a more micro market factors being responsible for the current bitcoin price when we saw bitcoin touched above $80k+ what is expected whale's will take profits considering how long it take before bitcoin could make such price recovery, another factors could be liquidations players from derivatives position, since altcoins continues to recover in their market and only bitcoin made the sharp declined in this moment altcoins market continues recovering write off the speculations of other technical actors being responsible for bitcoin price deline after the recovery.

What we have right now, is just market actions from both trader's, big whales, and the general market reopening, definitely attention shifted from bitcoin to altcoins a bit as seen in the liquidity inflows into altcoins market.

Funding rate increase is a positive signal and long market holders as beginning to take a distort on the short market, this signal positive market outlook which could be true considering how altcoins market have acted in this price correction that bitcoin hard.

[Perfectbaby]

Bitcoin price is all what people are expecting to easily moved above expected especially when they have invested at very low price and wanting the price to quickly increase as they plan without them knowing that bitcoin is something that would take time for the market to pick up. As we know when the market increases, we should also expect an easy fall as well because it must make corrections before increasing above the recent price.

[Dunamisx]

If you look at the market performance of recent, you are going to discover that we seem to maintain $80,000 performance price and each time it dips below this range, it's quickly recovers and pump to $80,000 to maintain the support, this shows that we are more bullish this time around than bearish, let's see if we can maintain this or move ahead towards $90,000 anytime from now.