Bitcoin Slips Below $80,000 as Large Holders Exit — But Bounce Signals Are Emerging
Bitcoin dropped below $80,000 due to large holder selling, but emerging bullish signals suggest a potential short-term recovery.Summary
Bitcoin experienced renewed selling pressure, falling below $80,000 following broader market weakness. On-chain data shows that large holders (wallets over $100,000 and $1 million) reduced their holdings by about 166,000 addresses in two weeks, which typically exacerbates volatility. However, contrarian indicators suggest a potential bounce is forming. Extreme bearish sentiment, reaching levels seen during the November crash, often precedes local market troughs. Furthermore, momentum metrics show downside pressure decelerating, with Bitcoin currently trading near $78,848 after defending the $75,000 zone. A bullish divergence on lower timeframes, indicated by the Chaikin Money Flow (CMF) printing lower highs while price made lower lows, signals strengthening underlying bid strength. If Bitcoin reclaims $80,000, it could target $84,698 and potentially $89,241; conversely, a drop below the $75,000 support would invalidate this short-term bullish thesis.
(Source：BeInCrypto)