BTC Sellers Pilling In!
In our previous Bitcoin analysis, we talked about the flag pattern that was playing out on the Daily timeframe and warned our readers of the potential sell-off that was setting up to happen in the coming days.
Well, since publishing that TA, we have seen a massive sell-off play out, pushing the BTC price back down towards the $80k price level.
In this BTC analysis, we will be updating you on what we believe might be setting up to happen next and the most important key level to keep a close eye on.
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BTC $80k Key Support!
The most important level for the Bitcoin price right now is the $80k key support zone on the Daily timeframe. This price level is the last line of defense for the Bitcoin bulls to stop any further sell-off from happening.
However, a failure to defend this key zone could easily see Bitcoin selling pressure increase massively. And this kind of bearish situation could see BTC crash down towards the $75k price region or even lower in the coming days.
So far now, we are watching this BTC $80k support zone closely to see how the Bitcoin bulls react to it. Can it be defended or will the BTC price break and close below it?
Final Verdict!
We are still tracking the Bitcoin bearish Flag pattern on the Daily. And right now, we are witnessing the bears dominate the market. If the Bitcoin bulls want to have any chance of stopping any further sell-off from happening, we need to see this $80k key support zone on the Daily timeframe hold at all cost.
A failure to defend this $80k key support could spell doom for Bitcoin buyers.
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