Bitcoin Price Drops Below $80,000 Amid Ongoing Downtrend
Bitcoin's price is currently at $79,766, down 14.6% over the past week and nearly 27% below its all-time high of $109,000 from January. It dropped an additional 4.4% in the last 24 hours.
Market Analysis and CME Gap Insights
Analyst ibrahimcosar noted a CME gap, with Bitcoin opening at $82,110 and suggesting potential short-term movement towards the $86K–$90K range. Historical gaps have typically been filled, indicating possible upward movement.
While there is a gap above current levels, this does not guarantee a reversal of Bitcoin's downward trend. The upcoming price movements in March and early April will be crucial for assessing recovery potential.
Key Support Levels
Another analyst, ShayanBTC, identified $83,000 as a significant support level, based on interactions with mid-term holders' Realized Price. Testing this level indicates investor confidence, but Bitcoin's recent decline below $80,000 suggests this support may be breached.
If Bitcoin fails to reclaim the $83,000 threshold, market sentiment could turn negative, leading to increased selling pressure. Ibrahim has marked the $78,000–$80,000 range as the next critical support zone impacting Bitcoin's near-term direction.
