Bitcoin at $80K: breakout level or another rejection zone?
The current price suggests that the $80k. mark turned out to be a retracement level.
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.
Of course, the most interesting scenario is if bitcoin manages to hold the $80k. level. However, it hasn't succeeded so far. There may be further attempts, and one of them might manage to hold. Another interesting question is how long bitcoin would be able to sustain itself at that level.
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.
Profit-taking? What if it’s the other way around? CoinGlass reported nearly half a billion dollars in liquidations over a 24-hour period following the Fed Chair's remarks on a potential rate hike. That is precisely what pushed bitcoin back below the $80k. level.
I'm not convinced that a wick above $81K proves much. A daily or weekly close above the area, followed by a retest that holds, would tell me far more. If BTC keeps getting pushed back below $80K, I'd be watching whether the recent breakout starts unwinding toward the mid-$70Ks.
I wouldn't be surprised by a pullback, given that the rise was sharp and short-lived, and many were already gearing up for the start of a bull run (naive souls
).
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?
Holding the price above $80k, .or, say, a week or two.
