Bitcoin Price Nears $80K Amid Momentum Cooling
- Bitcoin’s price trades near $79,715 on September 5, with the $80,000 mark as a key resistance.
- The price needs to defend $78,500 and reclaim $80,000 to target $82,281.
- A break below $78,500 could expose the price to the $76,000-$77,000 range.
- Momentum indicators show cooling but not a complete trend reversal.
- A rally collapse wiped out $295 million in long positions after peaking at $82,281.
Bitcoin is currently trading near a critical resistance level of $80,000 as momentum indicators suggest cooling rather than a full reversal. The market is closely watching for support at $78,500 to hold and for Bitcoin to reclaim higher levels for bullish continuation.
Holding above the key support levels could see Bitcoin push past recent highs of $82,281 while a failure might lead to further declines towards the mid-$70k range.(Source)
