Bitcoin Rejected at ₱4,859,245 ($80,000), Could Bottom at ₱3,462,212 ($57,000)
One analyst predicts Bitcoin could find its bottom at ₱3,462,212 ($57,000), a level representing a historical average price point, after the cryptocurrency was rejected at ₱4,859,245 ($80,000) resistance.
Key Takeaway
Bitcoin's $80,000 rejection could trigger a drop to $57,000 if historical patterns hold.
Bitcoin was rejected at the $80,000 price level, prompting one analyst to predict a potential bottom at $57,000.
The $57,000 level represents a historical average that could push Bitcoin to find its bottom, according to the analyst. That would mark a sharp correction from current levels, though the timeframe for such a move remains unclear.
Bitcoin's rejection at $80,000 comes after months of price consolidation. The cryptocurrency has struggled to maintain momentum above key resistance levels, with traders watching to see whether bulls can regain control or if bears will push prices lower toward the predicted $57,000 support zone.
This article was written based on reporting from Cointelegraph.
