Bitcoin battles $80,000 support as traders eye next bullish phase

Bitcoin (BTC) has experienced significant volatility, with its price recently dropping sharply before rebounding above $90,000. After reaching an all-time high (ATH) near $110,000, BTC faced increased selling pressure, leading to a pullback that tested the $80,000 support level. With the current price hovering around $91,000, traders are speculating whether Bitcoin will crash below $80,000 or rebound to a new ATH.

Bitcoin’s price action suggests that $80,000 has acted as a strong support level, with buyers stepping in aggressively to prevent further downside. The latest bounce above $90,000 indicates some bullish recovery, but BTC still needs to break above $95,000-$97,000 to confirm a reversal. If Bitcoin maintains its momentum and closes above $95,000, it could signal a shift toward a renewed bullish phase, with the next key resistance near $100,000-$105,000. However, if BTC fails to reclaim these levels, it may face another drop back to $85,000 or lower.

The Relative Strength Index (RSI) is currently at 47, indicating that BTC is neither overbought nor oversold. However, just a few days ago, RSI dipped into the oversold region below 30, which triggered the recent price bounce. If RSI climbs above 55-60, it would indicate strengthening bullish momentum, potentially pushing BTC toward $100,000. On the other hand, if RSI drops back below 40, it could suggest another wave of selling pressure. The Heikin Ashi candles are showing a slight shift in trend, with green candles forming after a series of strong red ones. If BTC can sustain this bullish momentum, we may see a continued recovery in the coming days.

For Bitcoin to reclaim its bullish structure, it must break and hold above $95,000-$97,000, which is the first resistance zone. If BTC price successfully crosses this barrier, it will open the doors for a move toward $100,000-$105,0