Evaluation of Bitcoin's Value: Can the $80K Threshold Sustain BTC Following Recent Dismissal?

Bitcoin's recent price rejection indicates a lack of bullish momentum, but the cryptocurrency has significant support at the $80K level. Despite a false breakout above the 100-day MA, BTC is nearing a critical support range, including the psychological $80K level, which could lead to a new consolidation phase.

However, market conditions still lack bullish momentum, and sellers dominate, suggesting a likely decline towards this mark. On-chain analysis shows BTC trading below the realized price of the 3-6 month cohort but above the 6-12 month cohort’s realized price. This indicates a significant correction but not necessarily the start of a bear market.

The $88K level is a key threshold that, if broken, could signal the start of a new uptrend.