Bitcoin Faces Pressure Below $80K: A Crucial Support Zone or a Precursor to Further Decline?
Bitcoin (BTC), the flagship digital currency, has been under substantial stress in the last several weeks, presently positioned around 30% below its all-time high (ATH). Yet, amid a market that seems to be continuously slumping, there are emerging signs of demand, particularly within the $76,000–$85,000 range. The question is, can this support level hold? Or, are there more downside risks to consider? As the market absorbs these price shifts, there are several factors that keep contributing to the relentless volatility. First, it is important to note that the profit and loss ratio has taken a nosedive and is now well below the key level of 1.0. This was a drop that I had signaled as potentially significant a few weeks back. A P/L ratio below 1.0 is indicative of less pressure to sell; it doesn’t mean that no one is […]
