Bitcoin's $80K Rejection Raises Questions About $100K Target

Bitcoin's recent price action has put it at a crossroads, with its current trading range near $79,800 sparking debate over whether it can reclaim the $100,000 mark before year-end.

The cryptocurrency failed to hold above $80,000 over the weekend and subsequently dipped below its support region of $78,500-$79,000, which has now come back into focus. Technical setup and Binance liquidation data suggest that Bitcoin may need to test lower liquidity levels before bulls can make a stronger attempt toward $83,000-$84,000.

Crypto trader Kaz had identified the resistance area around $80,500 as a possible rejection point, which proved correct as the price stalled near that zone and turned lower on Monday's Asian session. The chart places the next important level near $78,562, with a broader demand zone extending from roughly $78,000 to $78,500.

Kaz is watching the $78,500 level and the zone immediately below it for a possible long setup, with an eventual upside objective around $83,000-$84,000. However, a decisive break below the highlighted demand zone would weaken the setup and invalidate the immediate path projected on the chart.