Bitcoin holds near $80,500 as sellers keep pressure on $80,350 support

Key points

• Bitcoin traded near $80,500, with a 24-hour low of $80,409 and Bitstamp support logged at about $80,351.
• Bulls need a move through $82,000 to challenge the bearish structure; a daily close under $80,000 would strengthen the case for $79,000 and then $78,000.

Bitcoin price faces a test of the $80,350 support level, with the coin trading near $80,500 on Saturday morning, Bitcoin.com News reports. Exchange aggregation sites put the 24-hour low at $80,409, while Bitstamp logs showed support at about $80,351.

On the four-hour chart, Bitcoin has fallen from roughly $84,843 to $80,499, printing lower highs and lower lows. The $81,500 to $82,000 band is the first real resistance, and a sustained move above $82,000 would start to challenge the bearish structure. A rejection there would leave the $80,350 reference exposed again.

The daily picture is mixed. Bitcoin is still working through its earlier rejection near $87,374, and the $82,000 to $84,000 region is crowded with resistance. A daily close below the $80,000 psychological threshold would strengthen the case for $79,000 and potentially $78,000.

Momentum signals are not yet confirming a decisive breakdown. The 100-period EMA at $77,526 and the 200-period SMA at $72,899 sit below spot, keeping the longer-term foundation positive.

What to watch: A daily close below $80,000, which the article says would strengthen the case for a move to $79,000 and potentially $78,000.

Read the full story on Bitcoin.com News →