Bitcoin Stumbles Below $80K as Sellers Take Firm Control
Bitcoin's price has been struggling to regain its footing above $80K. Currently trading at around $77,187, the largest digital asset is facing significant selling pressure from key stakeholder wallets. These wallets, which hold between 10 and 10,000 BTC, have reduced their exposure in recent weeks, leading to a decline of 0.20% in their holdings.
This move has been accompanied by retail wallets holding under 0.01 BTC, who stopped dumping and started adding to their holdings, gaining 0.09% since the FOMO peak. However, this trend is not enough to confirm a bull run, and the market remains choppy and weak.
The technical analysis shows that both the Moving Average Convergence Divergence (MACD) line and the signal line are sitting below the zero line, indicating a firm macro downtrend with accelerating bearish momentum. The daily Relative Strength Index (RSI) is also resting at 41.30, leaning slightly toward the bearish side of the mid-line.
If the bearish grip tightens, the price could fall to a crucial support range at $76K, potentially triggering the emergence of the death cross and sending the Bitcoin price to around $75.6K.