Bitcoin Near $80K Support Amid Correction Fears
Key Takeaways
- Bitcoin (BTC) is currently under pressure, trading just above the USD 83,000 mark.
- According to analysts, a break below the USD 80,000 support level could trigger a decline to USD 68,000.
- Technical indicators such as the “Death Cross” and declining open interest suggest a possible correction.
- Short-term investors are pulling back – a sign of waning speculation.
- At the same time, high outflows from exchanges indicate that many BTC are being held for the long term.
Bitcoin Under Scrutiny After Price Drop
The Bitcoin price fell again after a brief rise to USD 88,580. The trigger was the announcement of new trade tariffs by former U.S. President Donald Trump. Markets reacted nervously: the S&P 500 lost 4%, wiping out around USD 3 trillion in market value. Bitcoin also dropped to USD 82,220 and has not recovered sustainably since.
USD 80,000 as a Critical Level
The USD 80,000 level is developing into a key support. Current data shows that buyers are defending this area. However, technical signals such as the “Death Cross” – a bearish chart pattern where the short-term average falls below the long-term average – warn of potential further losses.
Decline in Short-Term Holders
Another warning sign comes from the analysis of held coins. The share of Bitcoin held for less than three months has dropped below 15%. Historically, rising values in this category have often preceded bull markets. The decline suggests waning interest from speculative investors.
Open Interest Drops Significantly
Open interest – the total volume of open derivative positions – has fallen by 37.5% since the end of 2024. It dropped from over USD 80 billion to below USD 50 billion. At the same time, the Bitcoin price fell from USD 106,000 to USD 84,000. While less leverage means lower volatility, liquidation zones below USD 80,000 could trigger a domino effect in the event of a price drop.
Liquidation Clusters Increase Risk
Heatmaps show a high concentration of long positions just below the USD 80,000 mark. If the price falls below this level with volume, many leveraged positions could be liquidated. Analysts like Joao Wedson see a realistic price target of around USD 68,000 in this case.
MVRV Ratio and Exchange Outflows Indicate Caution
The MVRV ratio – the ratio of market value to realized value – has dropped from 2.74 in November to below 2.0. This indicates a shift from speculative to long-term behaviour. This view is supported by large BTC outflows from exchanges: on February 3 alone, over 60,000 BTC were withdrawn – a sign that investors are moving their coins to cold wallets.
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Our Assessment
Bitcoin is currently at a critical juncture. The support at USD 80,000 could determine the short-term direction. Technical indicators, declining open interest, and a drop in short-term holders point to decreasing risk appetite. At the same time, high exchange outflows show that many investors remain long-term oriented. If the 80,000 level is breached, a drop to USD 68,000 cannot be ruled out. Keep a close eye on the coming days – they could be decisive for the future trend.
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