Bitcoin Struggles Above $80K as Bearish Momentum Builds

Bitcoin is currently trading around $83,358, hovering just above the critical $80,000 support level. The recent breakdown below its ascending trendline signals a potential shift in momentum, raising fears of a deeper short-term correction. The digital asset also failed to reclaim the 100-day EMA, now near $88,000, highlighting a significant resistance point and reinforcing bearish pressure.

Bulls are struggling to regain upward traction, and the rejection at this key moving average suggests weakening momentum. If Bitcoin drops below $80,000, the current bullish structure could unravel, paving the way for further downside. The volume profile also supports a bearish outlook, with limited buying activity and unimpressive demand despite occasional price upticks.

The Relative Strength Index (RSI) sits at 44.17, reflecting bearish momentum that hasn’t yet reached oversold conditions—leaving room for further declines. If the $80,000 support fails, Bitcoin may retest lower levels at $76,000 and $72,000, both of which served as major accumulation zones during previous corrections. A deeper fall toward $68,000 is also possible, aligning with the 200-day EMA.

Still, a bullish reversal is not off the table. If buyers manage to push Bitcoin above $85,000, a move toward the $90,000 mark could resume the broader uptrend. However, current indicators suggest the path of least resistance remains to the downside, with bulls needing to act swiftly to avoid further losses.

With Bitcoin teetering at a pivotal point, traders are watching closely for confirmation of either a bounce or breakdown as the market navigates this crucial phase.