Bitcoin's Price Drops Below $80 Amid Market Volatility

Bitcoin's downward trend continued on Thursday, with the asset falling to a ten-day low of $78.75. Despite a slight rebound, BTC remains below $80 and has accumulated a daily loss of nearly 1.5%. The market's largest cryptocurrency resumed its decline after losing momentum in the $81 region.

Traders are divided on Bitcoin's next moves, with some expecting a short-term recovery and others predicting further declines. According to analyst Matthew Dixon, BTC may correct to around $60 in the coming weeks, based on an A-B-C chart pattern. However, another operator, KillaXBT, maintains a short position in Bitcoin and expects the range between $74 and $76 to be tested.

On the other hand, analyst Ali Martinez believes that Bitcoin is still respecting an upward channel that began on April 9th. If the support near $79 holds, he expects a new recovery towards the top of the channel, currently near $86. However, if this support level is lost, it would represent a structural break in the upward trend.