Bitcoin Price Drops Below $80,000 as New Buyers Rush to Accumulate
Bitcoin fell below $80,000 but showed relative strength against gold, attracting new buyers who saw the dip as a chance to accumulate.Summary
The Bitcoin price dropped below $80,000 for the first time since April 2025, yet it outperformed gold, which experienced a nearly 10% plunge while BTC declined by about 5.6%. This relative resilience attracted new market participants, leading to a surge in new Bitcoin addresses—the largest daily increase in two months—as investors viewed the pullback as a discounted accumulation opportunity.
Technically, Bitcoin is trading near $78,000 after breaking down from a broadening ascending wedge pattern, which projects a potential drop toward $75,850. The sell-off intensified after losing the $82,503 support level. For sentiment to shift positively, Bitcoin needs to reclaim $87,210 as support; otherwise, further downside risks remain toward the $75,895 level.
(Source：BeInCrypto)