Bitcoin at $80K: breakout level or another rejection zone?

[Rhow]

It is normal that in a volatile market like Bitcoin, the price can sometimes reach a high level and then fall back down quickly. I would not be surprised, especially when it rises faster than before, which creates an opportunity for many to take profits. However, in a long-term investment, it is never logical to sell just to see the profit.

The price is now $80k which looks quite attractive but I think the real strength will be understood if it can survive around this $80k price. However, even if it does survive, it is not sure that it will go back to the ATH position very quickly. Because of the volatility of Bitcoin, nothing is certain.

[Cryptomultiplier]

Do you consider $80K the main level now, or is $82K-$83K the real confirmation zone? And what would count as a proper breakout for you: a daily close, a weekly close, or simply several days holding above it?

I don't think the price has yet settled because this could be a leverage trap for the unsuspecting  who are into thinking that this is a big opportunity, but am sure those who are into spot accumulation would find this more favorable to take advantage of instead.

Let's not also be quick to forget how in May this year, the price got up to about $82.7k, so only if the current price range of $80k is cleared, will I think this is not just a bull trap, but right now, it smells like a liquidity sweep waiting to happen.

[Faisal2202]

Bitcoin is at a very critical zone that will lead to a major rise in price if the resistance is broken or another correction. For the upward rise should there be a breakout of the $82k resistance, price will target $90k where we have another serious resistance. On the other hand, if the $82k resistance is not severed, then a correction to $69k is inevitable and that may break the heart of many holders who believed that the bull run is finally here.

I would not use the word inevitable here brother because it is true that $69k support holds a significant importance in the Bitcoin market and among other holders and traders due to its last ATH,

but if the market failed to hold the $80k resistance which I also think it will fail because it has tested it at least two or three times and BTC is now at $77k.

But BTC can still consolidate between $80k and $69k, it does not have to go below $69k at all but if it really drops then yes we can say Bitcoin will be back to the same old price, people might short at $69k so that's why to liquidate them there will be fake recoveries at $69k.

[red4slash]

Bitcoin at $80K: breakout level or another rejection zone?

Bitcoin is back around $80K after the sharp move from the low-$60Ks, and I think the interesting part is not the first break above it, but whether the market can actually stay there.

This area has already rejected BTC more than once, while the recent rally has been fast enough that profit-taking here would hardly be surprising. That makes $80K feel less like a psychological number and more like a test of whether buyers can absorb the supply waiting around this zone.

Seeing a double top for a short tf actually signals weakness for the short term and it is possible that we will return to the price of $77k if talking about the short term and trading but should that be the main focus? I don't think so because some people here prefer the hodl of assets they have so that no matter the short term this will weaken again then they will not be affected it will be used as an opportunity as it has been done every time when bitcoin has decreased.

Some short-term scenarios can still happen but I personally will not be too concerned with this because for me it will not affect anything for the long term because my belief until now is still the same where the long term will always be much better than it is now, so we just need to relax do not need to feel this is an end or become excessive panic.

[Johnlomape]

The price has tested the $80k limit and we could be seeing a ranging market that can take some time before changing direction to go either up or down. The price of Bitcoin suddenly started pumping that made some big institutions to buy more Bitcoin to add to their portfolio and this has been making the price of Bitcoin trend. Maybe we can assume that investors have stopped buying Bitcoin which might be what have been making the price to starts going down and consolidating at the same time.
If the price of Bitcoin does not go down gradually, we might be expecting a bull continuation but I don't know if it's going to reach #90k price limit.

[Yorubek]

Maybe the market will rest here for a while and start moving up again. Maybe the opposite could happen, from my point of view the opposite is very unlikely.

Most retail investors are probably also waiting for the price of $90k-$100k. Taking profits at $80k may not be a good move. Maybe we are entering the market like a few days ago where the price was tied at $60k-$65k, and now it may be tied at $75k-$80k. It is not possible to say anything for sure yet, it will take 4-5 days to understand the market movement. For now, I can say that Bitcoin will continue to recover its price.

The increase in the price of Bitcoin depends entirely on human demand. As ordinary people and small and large traders buy more and more Bitcoins and hold them for a long time, the price gradually increases, and when large traders sell all their Bitcoins, this has an impact on the market.

Given the current market conditions, it doesn't see like Bitcoin's price will drop, but it will gradually increase, but it's never possible to be absolutely sure about this. Bitcoin's price will reach $100k, then there may be another fall and then the price will start to rise again. So those who take advantage of every opportunity and wait for a long time with confidence will benefit.

[justdimin]

Maybe the market will rest here for a while and start moving up again. Maybe the opposite could happen, from my point of view the opposite is very unlikely.

Most retail investors are probably also waiting for the price of $90k-$100k. Taking profits at $80k may not be a good move. Maybe we are entering the market like a few days ago where the price was tied at $60k-$65k, and now it may be tied at $75k-$80k. It is not possible to say anything for sure yet, it will take 4-5 days to understand the market movement. For now, I can say that Bitcoin will continue to recover its price.

I do not think it is unlikely; the price going down is very likely. It was pumped due to news, and it did get here, but we are still in the bear market year, and that is why I am expecting it to do very well.

This is why I do not think that we should be expecting anything that different; it could be doing something quite well. I get that it is not something we should be ignoring that much. I get that it could change a lot more later on, but that doesn't mean that we should be considering this as something that is impossible for go down. Yes, it is looking good for now, but just because it is looking good for now doesn't mean that we will not make a change and suddenly reverse and start selling and make it go down.

[Hazink]

Do you consider $80K the main level now, or is $82K-$83K the real confirmation zone? And what would count as a proper breakout for you: a daily close, a weekly close, or simply several days holding above it?

After several months of suffering below $70k, Bitcoin was able to reach it again or can we call it a reclaim within a speed of days from $64,000 up to $70k and even reached $80k a few times before dropping down? I don’t need to see the coin stay above $80k for weeks before I can conclude that it have settled their as the time which it will take it to get their and stay don’t determine how much longer it can stay it can still take w U-turn even after resting on $80k and drop below, what I’m more concerned about is seeing the value move the way it’s and no longer a boring market as it was months back.

[osasshem]

At this price level, I can't be certain that the price is already on a bullish move, because when the price reached the $81k level, it couldn't hold there for a long time, but the momentum it move with from $62k zone was a strong one.

The bear market has not shown that it is over, and a swift move in price is not a yet concrete ground to say the bull is here already. With fingers crossed let the expectations of it holding above $80k for a week or two, the it won't be long for we to get above $90k

[PrivacyG]

Let me know when the price is of six digits again.  Until then, it is going to be a really boring watch so I rather not.