Bitcoin's decline has raised concerns about its technical structure, with key levels of support and resistance coming under scrutiny.
The cryptocurrency fell below $80,000, a level previously considered crucial for defending against a deeper retreat. Analysts note that if Bitcoin fails to hold above $60,000, the market may shift attention to the range between $40,000 and $50,000.
A recent analysis by Daan Crypto Trades highlighted the significance of the $80,500 zone as a resistance area, with the price firmly rejected at both the 200-day Exponential Moving Average (EMA) and Simple Moving Average (MA). This has fueled accelerated selling pressure, intensifying downward momentum in the market.