Bitcoin $BTC has just slipped back below $80,000, and the US session is starting with BTC right on top of a critical support zone.
The $79,500 level has caught the price on previous dips. We're now trading around $79,665, with the latest 1H candle pushing below it.
If buyers can't reclaim $79,500, Saturday's low around $79,145 comes back into play.
On the upside, $81,500 is the level I'd want to see reclaimed before getting more optimistic.
There's still a lot of resistance overhead after that drop from nearly $85,000.
More than $800M in crypto positions were liquidated over 24 hours during the weekend sell-off, most of them longs.
A lot of leverage has been flushed out, but that doesn't mean the bottom is in.
We've got the Fed decision on Wednesday, PCE inflation and GDP on Thursday, plus major tech earnings this week.
I'd rather wait for Bitcoin to reclaim resistance than assume every bounce is the start of a recovery. $79,500 is the level to defend now.
The $79,500 level has caught the price on previous dips. We're now trading around $79,665, with the latest 1H candle pushing below it.
If buyers can't reclaim $79,500, Saturday's low around $79,145 comes back into play.
On the upside, $81,500 is the level I'd want to see reclaimed before getting more optimistic.
There's still a lot of resistance overhead after that drop from nearly $85,000.
More than $800M in crypto positions were liquidated over 24 hours during the weekend sell-off, most of them longs.
A lot of leverage has been flushed out, but that doesn't mean the bottom is in.
We've got the Fed decision on Wednesday, PCE inflation and GDP on Thursday, plus major tech earnings this week.
I'd rather wait for Bitcoin to reclaim resistance than assume every bounce is the start of a recovery. $79,500 is the level to defend now.
