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

[SatsPH]

The bearish price of bitcoin has been talked much about to be probably coming to an end by end of the year. A bullish sentiment is foreseen for bitcoin by 2027, but not a definite month has been foresighted for that now. The market trading above $80K is still not going to make one feel persuaded that the bullish market is back and we are going to be recording another all time high soon. The storm comes after the calm and if we are to go by this, then we should be expecting more of the bullish market sentiment more until next year. The condition of the market now doesn’t warrant for bearishness but anything can happen at any moment in the market.

Still, the market looks good, but we need to break the barrier of $82k. But so far, we haven't although there is such attempt but it seems that it's very hard to breach as there are short day traders that might have sold so that they can make an squeeze some profits.

So we are definitely not out of the bears, and on the other hand, there could a black swan event that might pull the price and see the bottom of the bear market. So that remains to be seen and we should be somewhat vigilant. And if that happens then it's better to just continue to accumulate.

[Orpichukwu]

We have seen huge increase in price of Bitcoin towards the end of August and now everyone is excited to see how Bitcoin behave in month of September. Price is now under 80,000$ and next few days are critical because they will tell whether Bitcoin will be able to cross 80,000$ or not. Those who are doing DCA and have long time goals can continue this practise because whether price goes up or down DCA is there to take necessary measures for you.

August was said to have set a positive signal for us which triggered the high expectations for the month of September. I don’t blame anyone who is expecting much for this month, but the bitcoin price has been resisting too much on this value of $80k.

I have lost count of how many times it has crossed $80k, which it has also dropped below. I’m beginning to believe the prediction that the position of $80k is the top resistance level, which once it’s been broken and rises above $86k, there is a much higher possibility of another spread we experienced last month.

[danherbias07]

How I wish $80k would be the new bottom, but I highly doubt it will be silent, especially in the Ber months.

For a week, it has been trading between $75k and $81k, and I am guessing institutional investors don't rest on what they should do or don't. If it does break $85k, then I am really optimistic that it won't be going back to $60k anytime soon, which is actually my bottom for the last month when it went downwards sharply.

Anyway, this is just speculation, but I believe it will stick this way maybe until the last week of September. October is a tricky month. History tells us it has been different each year.

[Taskford]

If price breaks $100k it will indeed be the real party because I do believe that the FOMO buys could start strongly and that would shoot the price even higher. That's just a major psychological level, when broken the cash-bag-holders would start dumping their bags for bitcoin

Indeed there's huge celebration will happen if Bitcoin breaks unto that price again.

Well, we still haven't actually broken through the $82,000 barrier. As soon as we hit $85,000 or so, it’ll be clear that the next major resistance level will be $100,000. It was a major resistance level the first time it was broken, and I don’t expect it to be any easier this time around because it’s such a big, round number—too tempting—that many people are going to place sell orders at that level.

Yeah this the first target what Bitcoin need to surpass. Since if it hits at $82k more pumps might possibly came.

$100k is truly possible to hit by this year, but for sure this is not easy to hit by and there's provably many situation that will test its strength this year.

Seeing how deep the dump happen for past few months, I also expect that many will place their sell orders.  But people don't need to worry about that, because as always if there are people decide to sell many people also willing to catch those done by several people.

[Showlove01]

How I wish $80k would be the new bottom, but I highly doubt it will be silent, especially in the Ber months.

For a week, it has been trading between $75k and $81k, and I am guessing institutional investors don't rest on what they should do or don't. If it does break $85k, then I am really optimistic that it won't be going back to $60k anytime soon, which is actually my bottom for the last month when it went downwards sharply.

Anyway, this is just speculation, but I believe it will stick this way maybe until the last week of September. October is a tricky month. History tells us it has been different each year.

Every bitcoin investor will always wish for same thing you wished for right now because the hope and desire every bitcoin investor is, for price to always keep surging even though they are not ignorant of the fact that bitcoin is a very volatile asset. However, the way bitcoin is ranging now i also doubt if $80k will be the bottom of it but whatever happens, we keep on accumulating and holding because it will definitely break forth soon since it has dip so massively. i do not want to speculate but i have the feeling it will pump.

[pawanjain]

Well, we still haven't actually broken through the $82,000 barrier. As soon as we hit $85,000 or so, it’ll be clear that the next major resistance level will be $100,000. It was a major resistance level the first time it was broken, and I don’t expect it to be any easier this time around because it’s such a big, round number—too tempting—that many people are going to place sell orders at that level.

That's what we thought the last time too but surprisingly people didn't sell that much at $100k level.
The price pumped further to $108k hence showing people were optimistic and then peaked at $120k.
So I guess we might no see a huge sell wall at $100k level but surely on $120k level.

[Bitcoin_people]

If Bitcoin crosses the next resistance of $82900, then it will be seen that the market has broken out again quickly. Although the market has not gone to this level so far, it has been seen that the market touched $82k, but we are optimistic that the market will change its current price within this month. The performance of the Bitcoin market is currently very good, since the market is still stable at this level and is gradually creating strong support. If the market crosses it quickly, then it may go close to $90k within this month, we can expect this from the market position. If it crosses $83k, then it will definitely go beyond the confirmation zone and the market will start moving higher again. If the market crosses the resistance later, then we can definitely expect the price of Bitcoin to go close to $90k that week and there may be a possibility of stabilization there.

[Odusko]

Every bitcoin investor will always wish for same thing you wished for right now because the hope and desire every bitcoin investor is, for price to always keep surging even though they are not ignorant of the fact that bitcoin is a very volatile asset. However, the way bitcoin is ranging now i also doubt if $80k will be the bottom of it but whatever happens, we keep on accumulating and holding because it will definitely break forth soon since it has dip so massively. i do not want to speculate but i have the feeling it will pump.

Let not be too sure that every Bitcoin investors wish for the market to rise, because we always have those who are also waiting for the price of Bitcoin to dip so they can buy, it's a two way thing, Bitcoin Price is always at the actions of those buying and selling it, and we will always have two people by the side wanting different directions from the market, take another example someone who open Bitcoin shit position their wish will always be for Bitcoin to dip drastically so that they can Make the gain the expected.

[katanic97]

Well, it's been a week since you have made the post and right now the price is at $80k.
It did touch $82k just few hours back and so I believe we are already past the confirmation zone for now.
I think $80k will be a good support going forward and we might see another pump upwards soon.
Eagerly waiting for bitcoin to cross $100k again, that's where the real party was.

If price breaks $100k it will indeed be the real party because I do believe that the FOMO buys could start strongly and that would shoot the price even higher. That's just a major psychological level, when broken the cash-bag-holders would start dumping their bags for bitcoin

Maybe if Bitcoin breaks that level, it could even attract a lot of new buyers who have been waiting on the sidelines. And also, if it breaks that $100k level, it would be interesting to see if it can stay above $100k after the initial FOMO, because generally that could determine whether the price will keep rising or if there will be another rejection

[suzanne5223]

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

According to the Bitcoin price action showing daily time frame the $80K price range have high chance to be rejection zone but there's a need for confirmation which i believe we'll know before this week end.

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.

No, the $80K price is just the POI of the market price action created since the month of May. If the market respect the POI then the market will dump back to the $60K price.

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?

Yes, i consider the $80K to be the main resistance level until the market.

[Lida93]

August was said to have set a positive signal for us which triggered the high expectations for the month of September. I don’t blame anyone who is expecting much for this month, but the bitcoin price has been resisting too much on this value of $80k.

I have lost count of how many times it has crossed $80k, which it has also dropped below. I’m beginning to believe the prediction that the position of $80k is the top resistance level, which once it’s been broken and rises above $86k, there is a much higher possibility of another spread we experienced last month.

August was a green month that left many of us hopefu with a bullish expectation that bitcoin price can get to above $100k by the end of the year. For September the price has being consolidating within $78k and $82k which we don't know much time such consolidation would continue before breaking above to continue rising. I think what a lot of traders waiting for is price breakage above that resistance point and a FOMO buying which would really drive price high would be effected.

[Johnlomape]

August was said to have set a positive signal for us which triggered the high expectations for the month of September. I don’t blame anyone who is expecting much for this month, but the bitcoin price has been resisting too much on this value of $80k.

I have lost count of how many times it has crossed $80k, which it has also dropped below. I’m beginning to believe the prediction that the position of $80k is the top resistance level, which once it’s been broken and rises above $86k, there is a much higher possibility of another spread we experienced last month.

August was a green month that left many of us hopefu with a bullish expectation that bitcoin price can get to above $100k by the end of the year. For September the price has being consolidating within $78k and $82k which we don't know much time such consolidation would continue before breaking above to continue rising. I think what a lot of traders waiting for is price breakage above that resistance point and a FOMO buying which would really drive price high would be effected.

What are you expecting from this current market? Do you think the price of Bitcoin is going to recover and we could see a possible recovery from the gradual dip we have been seeing? I don't know what the price of Bitcoin is capable of doing but it's only when investors pump money into the market that we could see a possible bull continuation or the price of Bitcoin might depreciate more than what we have been seeing in the market. I am expecting to see a potential rise in the price of Bitcoin and I don't know if this will be the time.

[jossiel]

What are you expecting from this current market? Do you think the price of Bitcoin is going to recover and we could see a possible recovery from the gradual dip we have been seeing?

The dip that you're probably saying right now was already a recovered price from the bottom that we've seen which was around $58k which was the lowest that we've seen for this year.

But if keeps on dropping, and corrections keep coming. It's possible we'd go back to that bottom and that recovery caused nothing but only made money for the short term holders and traders.

I don't know what the price of Bitcoin is capable of doing but it's only when investors pump money into the market that we could see a possible bull continuation or the price of Bitcoin might depreciate more than what we have been seeing in the market. I am expecting to see a potential rise in the price of Bitcoin and I don't know if this will be the time.

Just remember that bitcoin is a speculative asset and it goes through a cycle. And that's what it can do for the next coming years.

The price will eventually pumped thanks to the investors, institutions and even governments who bring good news that can correlate with its market.

We'll have to wait a couple of years for the next bull run.

[Jessie2121]

August was a green month that left many of us hopefu with a bullish expectation that bitcoin price can get to above $100k by the end of the year. For September the price has being consolidating within $78k and $82k which we don't know much time such consolidation would continue before breaking above to continue rising. I think what a lot of traders waiting for is price breakage above that resistance point and a FOMO buying which would really drive price high would be effected.

Bitcoin has been some how dramatic, going up becomes a problem but when it's time for the red candle to show up it never fails, but August was the break through before we started seeing something more interesting as a hope for investors I mean really investors. Between $78k and the $82k you mentioned could be the figures we'd see more in the month of September because I haven't seen anything different from these range, at least it should be pushing upwards since it seems like September is the month of Bitcoin price being productive.

[jcojci]

Seems this week will be though for BTC because the price drops to $75k level. The situation could be bad for more if people becoming panic and could not hodl their emotion. The down line appear in the chart but we don't know how deep will happens and we could only be careful if the bad situation continuous. I really hopes the situation only happens for this week and the price will start increases and back to up to $80k next weeks. But if the situations becoming worst and push the price to down for another low level price, we can't do anything unless accept it.

[LogitechMouse]

Seems this week will be though for BTC because the price drops to $75k level. The situation could be bad for more if people becoming panic and could not hodl their emotion. The down line appear in the chart but we don't know how deep will happens and we could only be careful if the bad situation continuous. I really hopes the situation only happens for this week and the price will start increases and back to up to $80k next weeks. But if the situations becoming worst and push the price to down for another low level price, we can't do anything unless accept it.
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Just after the Clarity Act got failed to advance and didn't got the 60-vote threshold, the price of Bitcoin dumped, and currently it's price is sitting around $75,000-$76,000. Aside from that, over $600M worth of longs got liquidated after that happened.

This is what I said in the past when I said "catalysts" are needed in order for the market to go down, and this is one of them. If people wants to see Bitcoin going down even more, they need to wait for more catalysts to happen. That is if there will be more in the future or in the upcoming weeks. Looking at the chart on the 4H timeframe, Bitcoin almost touched the 38.2% of the FIB Retracement which sits at around $74,700. Right now, it's creating lower highs which shows a decrease in momentum therefore, we might be heading towards a downwards movement in the upcoming weeks. I might be wrong though just like my previous 10 ones.

At the end of the day, if you can do DCA, continue to do DCA especially if you're holding Bitcoin for the long term. Don't stressed yourself out on these news that will only have short term effect on the price. Of course, I want to see Bitcoin going up to the $80,000 levels again, but right now, the bears are in control.

[dwyane36]

Just after the Clarity Act got failed to advance and didn't got the 60-vote threshold, the price of Bitcoin dumped, and currently it's price is sitting around $75,000-$76,000. Aside from that, over $600M worth of longs got liquidated after that happened.

This is what I said in the past when I said "catalysts" are needed in order for the market to go down, and this is one of them. If people wants to see Bitcoin going down even more, they need to wait for more catalysts to happen. That is if there will be more in the future or in the upcoming weeks. Looking at the chart on the 4H timeframe, Bitcoin almost touched the 38.2% of the FIB Retracement which sits at around $74,700. Right now, it's creating lower highs which shows a decrease in momentum therefore, we might be heading towards a downwards movement in the upcoming weeks. I might be wrong though just like my previous 10 ones.

At the end of the day, if you can do DCA, continue to do DCA especially if you're holding Bitcoin for the long term. Don't stressed yourself out on these news that will only have short term effect on the price. Of course, I want to see Bitcoin going up to the $80,000 levels again, but right now, the bears are in control.

The next such catalyst could be today's Fed rate decision. Of course, I'd like to hear some positive news from Warsh, but if it's all negative, there's a risk that BTC will continue its correction down to $72k or maybe even below $70k. In that case, many altcoins will likely follow suit and enter a correction as well, although it's worth noting that some of them are looking pretty good right now.

[obuoma]

Well, we still haven't actually broken through the $82,000 barrier. As soon as we hit $85,000 or so, it’ll be clear that the next major resistance level will be $100,000. It was a major resistance level the first time it was broken, and I don’t expect it to be any easier this time around because it’s such a big, round number—too tempting—that many people are going to place sell orders at that level.

That's what we thought the last time too but surprisingly people didn't sell that much at $100k level.
The price pumped further to $108k hence showing people were optimistic and then peaked at $120k.
So I guess we might no see a huge sell wall at $100k level but surely on $120k level.

By human psychology, I think a lot of people will sell at $100k this time around because the regret of not selling at $100k to buy back at retracement is still eating a lot of people up. My guess is that there will still arise a serious rejection as a result of dumping if price eventually reaches $100k this time, this pattern will repeat until people are convinced that $100k is not the final destination for Bitcoin. Although some people will still hold irrespective of what happens, they have been holding and they will not change.

[Pandu Geddon]

By human psychology, I think a lot of people will sell at $100k this time around because the regret of not selling at $100k to buy back at retracement is still eating a lot of people up. My guess is that there will still arise a serious rejection as a result of dumping if price eventually reaches $100k this time, this pattern will repeat until people are convinced that $100k is not the final destination for Bitcoin. Although some people will still hold irrespective of what happens, they have been holding and they will not change.

Those who are satisfied with a price of $100k will of course sell their Bitcoin. But I believe there are also many holders who will not sell their Bitcoin at that price. The reason is simple, people's target right now is at least to reach a new ATH. I think that won't take as long as the 4-year cycle. 
Bitcoin's price is now back below $80k, but it seems we will see an upward movement above that price again.

[pawanjain]

By human psychology, I think a lot of people will sell at $100k this time around because the regret of not selling at $100k to buy back at retracement is still eating a lot of people up. My guess is that there will still arise a serious rejection as a result of dumping if price eventually reaches $100k this time, this pattern will repeat until people are convinced that $100k is not the final destination for Bitcoin. Although some people will still hold irrespective of what happens, they have been holding and they will not change.

Those who are satisfied with a price of $100k will of course sell their Bitcoin. But I believe there are also many holders who will not sell their Bitcoin at that price. The reason is simple, people's target right now is at least to reach a new ATH. I think that won't take as long as the 4-year cycle. 
Bitcoin's price is now back below $80k, but it seems we will see an upward movement above that price again.

Yeah that's also seems like a possibility. People including myself have been waiting for bitcoin to cross $100 again for quite some time now.
I had missed the opportunity to sell at that moment and definitely regret it but not worried though because I know bitcoin will eventually cross $100k again.
But this time my target is not to sell at $100k but to cross the ATH or at least near to ATH is when I am thinking to sell so that I can buy back later.