Bitcoin Treading Water Near $79K Amid Consolidation

Bitcoin is trading near $79,033 after a recent pullback from its local high of $82,262.

The cryptocurrency's price has consolidated around the $80,000 area, and analyst Michael van de Poppe expects it to avoid a deep correction despite the weakness.

Stronger-than-expected US employment data has put pressure on market sentiment across risk assets, causing Bitcoin to retreat from its recent high.

Van de Poppe considers the current consolidation phase normal and believes it could be followed by another upward move, with key levels below $74,000 potentially attracting buying activity.