Analyst: $80,000 will decide bitcoin's fate through year-end
- —The key weekly level is $82,500: a weekly close above it would open the door to a recovery
- —Liquidations totaled about $1.1 billion in the day after the drop to $80,000, with nearly $1 billion in longs
- —Short-term holders moved roughly 55,600 BTC to exchanges in a single day and sold at a loss
- —The market prices a 20% chance of a Fed rate hike in October and 85% by December
Why it matters: Holding $80,000 keeps bitcoin range-bound, while a breakdown would accelerate selling and push it into a $75,000–80,000 sideways market.
Source: Cryptocurrency.tech