Market sell orders hit $1.67B, reject Bitcoin at $80,000 resistance

Bitcoin hit $80,526 before a $1.67B sell spike stopped the breakout. Traders now watch a daily close above $80,000 for a potential squeeze.

Price tagged $80,526 and quickly faded to $79,900. “A wick is not a close,” wrote analyst Frigg, tying the move to weekend geopolitics and risk appetite on X.

Bitcoin saw taker sell volume hit $1.67B in one hour. Highest in two weeks. The spike landed right as price crossed $80,000 per CryptoQuant’s Maartunn.

Analysts are watching a daily close above $80,000. A close could trigger short covering and a fast extension higher per Frigg.

Macro set the tone. The White House announced “Project Freedom,” with 15,000 troops, destroyers, and 100+ aircraft escorting vessels in the Strait of Hormuz starting Monday via Fox News. Iran called it a ceasefire violation, and a tanker was struck near Fujairah the same morning per CNN.

Key points for traders:
- Wick to $80,526, no daily close source
- $1.67B taker sell in one hour, 2-week high source
- Daily close above $80,000 eyed for squeeze source
- Risk backdrop driven by Hormuz escorts and regional tensions Fox News, CNN