Bitcoin Price Struggles at $80K, but MEXC CEO Sees Bullish Signals
Volatile Start to the Week
Bitcoin’s price reclaimed $80,000 twice on Monday as the cryptocurrency appeared poised to continue a downward trend that began at the start of the month. The decline has largely extinguished hopes of an “Uptober” rally, which many analysts predicted would deliver the cryptocurrency’s largest monthly gains of the year.
According to market data, before reclaiming $80,000, bitcoin had progressively fallen from above $80,800 to $79,260, its lowest point since Sept. 18. Shortly after midnight, however, the cryptocurrency rebounded to nearly $80,500 about six hours later.
Although the cryptocurrency briefly found support above $80,250, a sharp sell-off sent its price tumbling toward $79,300 before a relief rally pushed it back above $80,500. At 1:30 p.m. ET, bitcoin’s price sat at $80,272, down 0.5% for the day. The near-flat price action left its market capitalization stuck at $1.61 trillion, representing a month-to-date loss of more than 4%.
Volatile Start to the Week
Bitcoin’s price reclaimed $80,000 twice on Monday as the cryptocurrency appeared poised to continue a downward trend that began at the start of the month. The decline has largely extinguished hopes of an “Uptober” rally, which many analysts predicted would deliver the cryptocurrency’s largest monthly gains of the year.
According to market data, before reclaiming $80,000, bitcoin had progressively fallen from above $80,800 to $79,260, its lowest point since Sept. 18. Shortly after midnight, however, the cryptocurrency rebounded to nearly $80,500 about six hours later.
Although the cryptocurrency briefly found support above $80,250, a sharp sell-off sent its price tumbling toward $79,300 before a relief rally pushed it back above $80,500. At 1:30 p.m. ET, bitcoin’s price sat at $80,272, down 0.5% for the day. The near-flat price action left its market capitalization stuck at $1.61 trillion, representing a month-to-date loss of more than 4%.
