Bitcoin Price Analysis: Is BTC at Risk of Dropping to 80K USD Soon?

Bitcoin price shows some worrying signs that a deeper correction is likely to occur, as the price has not been able to hold the $100,000 level. Technical Analysis Daily Chart On the daily chart, the price has been gradually increasing over the past few weeks, reaching a new record high above $100,000. However, in the past few days, the market has not continued the upward trend, dropping below $100,000 and even falling to a low of $92,000. If the market does not quickly regain this level, there may be a deeper correction towards $90,000 and even the short-term support zone of $80,000. Please input the text to be translated 4 Hour Chart Looking at the 4-hour time frame, the price action seems a bit more difficult to predict. The market has created higher highs and lower lows within an ascending channel but has been rejected from the higher boundary of the channel around the $108K level. The $100,000 level has been broken in the downward direction, and the RSI also shows a value below 50%, indicating that the market’s upward momentum has shifted to a decline. However, the downward trend line remains intact, which could lead to a rapid recovery above $100,000 and continued price increase. However, if the pattern is broken to the downside, a drop below $90,000 can be anticipated.

Analysis On Chain Active Address (MA 100 Days) Analyzing data on the blockchain can provide valuable and interesting insights into the fundamental market dynamics. One of these important data points that can provide detailed information beyond price action is the address activity data. The Bitcoin network activity is one of the fundamental factors that can help determine the price of BTC. The chart shows that the 100-day moving average of active addresses has quickly recovered in the recent uptrend and surpassed the $70,000 area. However, it has not yet reached its all-time high, indicating a clear divergence between price action and network activity. Therefore, if network activity does not soon reach a new record high and start to decline, Bitcoin may undergo a long-term correction.