Bitcoin Bottom Could Form Under $80,000 If Price Fails To Reclaim This Level
If Bitcoin fails to reclaim $90,300, on-chain data suggests the next bottom could form below $80,000 due to weak support.Summary
Bitcoin's price has dropped below $90,300, with 30-day losses reaching 16%. The nature of selling pressure has shifted from forced liquidations to deliberate spot selling, evidenced by a significant recent inflow of BTC onto exchanges, which is the highest in weeks.
Analysis of the UTXO Realized Price Distribution (URPD) shows very thin support between $89,600 and $79,500, meaning few holders are motivated to defend this price range if $90,300 is lost. This weakness exposes the price to a potential bottom under $80,000, aligning with a Fibonacci extension target of $79,600 if the current wedge trendline breaks.
For a bullish reversal, Bitcoin must first reclaim $90,300, followed by $96,800, and ultimately break above $100,900 to flip the short-term sentiment.
(Source：BeInCrypto)