Bitcoin Struggles to Hold Gains as Price Eyes $80K Support

Bitcoin (BTC) is experiencing a mild pullback as bulls fail to maintain momentum into the weekend, according to data from CoinMarketCap. Over the past 24 hours, the BTC price has declined by 0.45%, now trading at around $83,070.

On the hourly chart, Bitcoin is hovering near the support level of $83,000. With a large portion of the daily Average True Range (ATR) still unfilled, analysts expect the price to potentially dip further to the $82,500 range in the short term.

Zooming out to the daily time frame, no clear reversal patterns have formed. If the current candle closes near or below present levels, there’s an increased chance of BTC retesting the $80,000–$81,000 support zone in the coming days. This level remains crucial as it could determine the short-term direction of the cryptocurrency.

From a midterm perspective, the weekly candle is shaping up with a long upper wick—typically a bearish signal. This indicates that buying pressure may be weakening. With BTC still distant from its major resistance levels, traders are advised to watch the $80,000 level closely for possible breakdown scenarios.

If bearish momentum continues and Bitcoin breaks through interim support, the built-up selling pressure could drive the price lower, potentially testing the $78,000 zone. Market participants are closely watching for further price action that may confirm this move.

As always, traders should monitor volume and volatility indicators to gauge whether the recent dip is a short-term correction or a signal of deeper downside potential. Stay tuned for real-time crypto updates and BTC technical analysis to navigate the ongoing market volatility.