Bitcoin Retreats to $80,000 as Selling Pressure Intensifies

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Bitcoin has encountered renewed pressure in the cryptocurrency market, testing the $80,000 mark. The digital asset dipped to $80,000 during the day before experiencing a modest recovery to around $80,100, marking a daily loss of approximately 1.8%. Although buyers have intervened at this level, the upward momentum remains weak.

Bitcoin and Broader Market Under Strain

August saw Bitcoin ascend from approximately $63,000 to reach $87,500 by the end of September. However, failing to establish itself above this threshold at the beginning of October, the asset has retreated roughly 8% from its peak. The formation of lower highs on the chart suggests that sellers have gained traction in recent days.

Key short-term resistance is between $80,000 and $80,300 for Bitcoin. Sustained closures below this range could signal weakness in the current uptrend.

Currently, Bitcoin is trading around $80,300, closely aligned with the 50-day moving average established since the breakout in August. Shorter-term averages are positioned at $81,200 and $82,400. The lack of significant increases in trading volume indicates that sales are more gradual than panic-driven, yet the buyers’ side also displays a lack of strong intent.

Should Bitcoin close below the $80,000 mark, it could re-enter the range between $77,000 and $78,000. Immediately beneath this lies the 100-day moving average at $76,600 and the 200-day average at $75,600. Conversely, surpassing $82,400 might classify the recent drop as a mild correction.

BNB and HYPE at Critical Levels

BNB experienced a 1.2% drop, trading around $717. The intra-day low hit $708.89, with a cumulative decline of approximately 11% since its peak of $810 earlier this month. In the short term, attempts to rise are capped by the averages between $733 and $750.

For BNB, the pivotal area is $700, supported by the 100-day average at this level and the 200-day average at $686. Maintaining this range could lead to a move back above $735. Otherwise, daily closures below $700 might bring $686 and eventually $660 into focus.

The token HYPE within the Hyperliquid ecosystem dropped roughly 4% to $77.80. From a position near $51 in early August, it surged to $98 by late September. The subsequent pullback has seen a nearly 20% decline from its peak. HYPE now hovers just above the 100-day moving average near $77, having slipped below the 50-day average.

The $75 to $77 range is crucial for HYPE’s buyers. A closure below $75 could jeopardize the upward trend from August.

Cardano Tests 100-Day Average

Cardano has also faced selling pressure, falling around 5% during the day to approximately $0.219. After opening at $0.2303, the price retreated to as low as $0.2159. Having risen from around $0.14 in June to $0.282 at the start of October, ADA has since seen a decline of about 22% from its peak.

Previously, ADA could not maintain a position above the 200-day average near $0.241, and the latest downturn has pushed it below the 50-day average at $0.230. The 100-day average near $0.220 now awaits a test. Continued pressure on Bitcoin could exacerbate ADA’s decline. Breaching this zone might bring $0.200 and $0.190 into view, while a recovery initially requires reclaiming $0.230.