Bitcoin Prices Slipping Toward Key Support Level After $80K Rejection
Bitcoin's price has slipped back toward its lower boundary of $76K-$77K after a recent rally that reached as high as $80K. This area is crucial in preventing further correction, and if it holds, the asset may continue consolidating beneath the resistance zone around $80K-$82K.
However, if the price breaks below this support area, a deeper correction becomes more likely, with the next major support at $72K-$74K. This level would represent a significant shift in the technical structure and increase the probability of further decline.
The 4-hour chart shows that Bitcoin has been trading inside an ascending channel since its initial surge but weakened considerably after the recent rejection from the upper region of this channel and the resistance zone around $80K-$82K. A convincing bounce could keep the channel intact, while a confirmed breakdown below the lower trendline would indicate a short-term structural shift.
The spot market's Average Order Size also reinforces the picture of weakening conviction, with predominantly normal-sized orders and limited large whale participation. This suggests that buyers lack the momentum required for an immediate breakout, and choppy price action near the lower half of the channel may persist.