For now, bitcoin is trading around $83,000, flirting with the price floor that has held since the rally stalled on Sept. 21. Analysts have said that a sustained break lower would expose $80,000 and violate the steady bullish stair-step pattern on the daily chart.
“The $80.5K–$81.5K range encompasses last month’s local highs and the 50-day moving average. It may not be difficult for the bears to push the price into this area. It is also worth keeping a close eye on whether this attracts bargain hunters or forces buyers with margin positions to capitulate,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email.
“In the former case, we can expect a rapid retest of the highs; in the latter, a sharp drop, like a high-speed lift, to $76K (recent lows) or $72K (the 200-day MA),” he added.
Volatile Treasury notes remain a potential source of headwind, along with potential escalation of tensions between the U.S. and Iran and…
