Bitcoin Price Movement Hints at Potential $80,000 Move

Bitcoin's recent price movement has been characterized by a broad relief bounce, with its value increasing by nearly 1.6% over the past 24 hours to reach around $68,213. This increase in value comes as the total crypto market cap adds roughly 1.8%, indicating a stabilization of price action and potential exhaustion on the sell side.

With fewer leveraged positions being wiped out due to a 36.85% decrease in total BTC liquidations and a 64.2% drop in long liquidations, funding rates remain slightly positive, indicating neutral-to-bullish positioning in perpetual markets.

The technical analysis suggests that Bitcoin is still confined within a well-defined descending parallel channel, respecting both support and resistance with precision. However, the price has repeatedly tested these boundaries, reinforcing the structure's validity. Following the latest rebound from channel support, a move towards upper resistance now appears increasingly likely.