The post With This Wipeout, Are the Bears Putting $80K on the Table? appeared on BitcoinEthereumNews.com. Bitcoin drops over 7%, holding near $85.9K. $469.59M in BTC liquidations hit the market. The crypto market woke up bleeding red as the charts were drenched in red candles. Notably, the market cap has settled at $2.94 trillion, after losing a solid 6.52%. With extreme fear, all digital currencies are in red, bears dominating the screens. Meanwhile, the largest asset, Bitcoin (BTC), has found its narrow bridge to navigate for the last few days. BTC has failed to escape the consolidation zone and has initially fallen below $95K. Today, it has hovered below $86K, facing rejections. The asset has suffered a hit of over 7.56%, slipping through critical support zones. Bitcoin opened the day trading at around $92,763.01, and the bearish shift has sent the price down to a low of $85,328.44. Consequently, the asset is going through extreme fear sentiment as the Fear and Greed Index reading rests at 14. Currently, Bitcoin trades within the $85,932.81 zone. Besides, the daily trading volume has surged by over 23.75%, reaching the $99.67 billion mark. The market has experienced a 24-hour liquidation of $469.59 million worth of BTC. Significantly, the Ali chart exhibits BTC Entity-Adjusted URPD. The $82,045 range stands out as the strongest support zone because a large concentration of Bitcoin last moved at that price. If the asset drops toward that area, strong buying interest is expected, making it a key support in the current market structure. Could Bears Drag Bitcoin Into Deeper Lows? Bitcoin’s Moving Average Convergence Divergence (MACD) line has crossed beneath the signal line, showing rising bearish momentum. As both lines are stationed below the zero line, it reinforces the negative outlook. Any potential bounce may be limited unless the indicators begin moving back toward the zero line. In addition, the Chaikin Money Flow (CMF) indicator found…
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With This Wipeout, Are the Bears Putting $80K on the Table?
