Bitcoin continues to lose ground, slipping below $80,000, which has caused concern among traders and analysts. The forthcoming days will determine whether the cryptocurrency stabilizes or continues its downturn.
Bitcoin Price Drop and Market Sentiment
Bitcoin's price keeps declining, falling below $80,000 due to the completion of a bearish 'double-top' pattern highlighted by trader Peter Brandt. To improve market conditions, the price needs to reclaim above $90,000. At this point, 70% of sales stem from short-term holders, signaling 'panic selling'.
Whales' Role in BTC Accumulation
Despite weak price performance, data suggests accumulation, as wallets holding 10 or more BTC have increased by nearly 5,000 BTC. This change follows weeks of selling, contributing to the recent correction.
Key Resistance and Support Levels
Technical analysts are divided on bitcoin's future direction. Some anticipate it may attempt a $90,000 reclaim, while others, considering challenging macroeconomic conditions and U.S. tariff policy uncertainties, warn of a potential drop to $75,000. The $90,000 resistance is critical to reversing the current trend.
The market outlook for bitcoin remains uncertain. Despite whale accumulation, market participants are closely watching key levels, with $90,000 resistance regarded as crucial for a trend reversal.
