Bitcoin (BTC) price has fallen, approaching the $80,000 (USD) region, a level that has investors worried after weeks of decline. The wave of large-scale withdrawals from the market has put downward pressure on Bitcoin prices, sparking debate among traders and analysts about whether it’s time to sell or capitalize on the decline.
This correction could lead to a period of flattening around these levels and even a rebound if buyers are able to defend this area. However, as reported by CriptoNoticias, if the selling pressure intensifies, it would not be surprising to see the price fall.
Among those identifying possible buy ranges is podcast host and trader Scott Melker. all street wolf. In his opinion, The key investment point is the low price than the current one. As he expressed it on Social Network X: “$74,000 is a strong support. If we hit that level, we will buy more there. If that support fails, the real opportunity will be $55,000 Bitcoin.
Melker also pointed out that in previous cycles, every time the price lost its current 50-week moving average (MA), it would eventually revert back to the 200-week moving average, creating a multi-month bear period.
The 200-week moving average is currently $55,000. It could be a bearish continuum low zonefor analysts. However, he cautioned, “That doesn’t mean it will happen again, because the sample size is small.”
The analyst relied on historical context to put the current decline into perspective and show that a decline like the current one does not necessarily mean the end of a bullish cycle.
“I’m old enough to remember Bitcoin going from $65,000 to less than $30,000 in just 30 days in 2021, and yet that year is remembered as the most bullish year in crypto history. A 55% drop in the middle of a bull market. Then it rose again to 69,000,” he said.
Feeling sick and alert
A technical analyst known as “Rekt Capital” points out the following signals in his opinion: Override previous bullish structure. «Bitcoin failed to recover the 50-week index average (50EMA). “If prices lose this level and do not recover, the previous bullish structure will collapse and the overall trend (macro) will become bearish,” he added.
Note that although MA and EMA are often referred to interchangeably, they are different tools. MA (simple moving average) averages prices over the analysis period without distinguishing between recent and old data. The EMA (exponential moving average), on the other hand, gives greater weight to the most recent candlesticks. This is why EMAs tend to react quickly to sudden changes in the market, whereas MAs reflect broader trends.
Meanwhile, the merchant Ted Pillows sees demand levels likely to support current regional prices: “On Binance, Bitcoin has decent buy orders at around $80,000-$82,000.” However, he warns that if this level fails, “Bitcoin will reach $74,000 directly.”
Bitcoin’s decline intensifies the debate over whether to buy or sell the rebound. Specialist Quinten François believes that market sentiment is at one of its worst times in years: “Sentiment is worse than during the FTX collapse and the coronavirus crash. Yes, it could fall further. No one knows where the bottom will be, but you will dream of buying at these prices in a few years.”
Between hopes for recovery and concerns about further deterioration
These positions coexist with the vision that in the long term Bitcoin could once again be heading towards record prices, as has happened in previous cycles. However, it is important to remember that past actions do not guarantee future results.
In other words, Recovery depends on actual demand and supply balancein addition to the macroeconomic background that determines the direction of the market.
The only thing close to consensus is the need to avoid impulsive reactions. Bitcoin’s price, as its history has shown, has oscillated between euphoria and major corrections that test even the most experienced traders.
Please note that this article is for informational purposes only and does not constitute a financial recommendation. Everyone should do their own research and anticipate the risks of operating in the market.
