$BTC Bitcoin currently has strong support just below the 80,000 level. It has been tested several times recently without a decisive break below it; on one occasion, the price fell to around 79,800 before rebounding quickly. So most bulls in the market generally see this as a short-term line of defense. But with the major U.S. midterm elections coming early next month, remember that the previous intermediate correction—from 82,000+ to 75,000—also coincided with a major event: interest rate hikes and the arrival of a major crypto bill. At the time, the market also widely viewed 76,000 as a key support level, much like 80,000 today. But amid panic over the major bearish news, large players drove the price down to around 75,000, breaking below the strong 76,000 support level in a false breakdown that trapped bears. This caused most bulls to get liquidated or stopped out, capturing a lot of long-side liquidity before the price surged to 87,000+.
So, could the market play out the same scenario again? The 80,000 area is currently a horizontal neckline support level that most bulls see as a strong line of defense, and the U.S. midterm elections are approaching. Could the price use the event as a catalyst to break down toward the lower boundary of the intermediate structure, around 78,000–79,000, before surging again?
For trading, my suggestion is: If you’re already holding spot for the medium to long term, there’s no need to worry—hold firm. 75,000 is the maximum downside defense level; only a break below it could signal a shift in the bullish trend. If you’re trading leveraged contracts short term or are currently out of the spot market, you could open a small starter position around 80,000 to avoid missing out. Keep most of your reserve capital for placing buy orders around 78,000–79,000, then watch how the lower support boundary of the intermediate bullish flag pattern holds.
$ETH $PEPE
So, could the market play out the same scenario again? The 80,000 area is currently a horizontal neckline support level that most bulls see as a strong line of defense, and the U.S. midterm elections are approaching. Could the price use the event as a catalyst to break down toward the lower boundary of the intermediate structure, around 78,000–79,000, before surging again?
For trading, my suggestion is: If you’re already holding spot for the medium to long term, there’s no need to worry—hold firm. 75,000 is the maximum downside defense level; only a break below it could signal a shift in the bullish trend. If you’re trading leveraged contracts short term or are currently out of the spot market, you could open a small starter position around 80,000 to avoid missing out. Keep most of your reserve capital for placing buy orders around 78,000–79,000, then watch how the lower support boundary of the intermediate bullish flag pattern holds.
$ETH $PEPE