Bitcoin Price Analysis: BTC May Drop to $68K if $80K Support Fails

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🚨🔥🚨 Bitcoin Price Analysis: BTC May Drop to $68K if $80K Support Fails 🔥🚨

Bitcoin Price Analysis: BTC May Drop to $68K if $80K Support Fails

Alas, poor Bitcoin, it seems to be stuck in a rut, hovering near the $82,000–$85,000 range like a lovesick suitor outside a maiden’s window. The buyers, those brave and noble knights, struggle to regain their momentum, while the on-chain data whispers sweet nothings of underlying dynamics.

Technical Analysis: A Dance of Death

By Edris Derakhshi, the Oracle of Bitcoin

The Daily Chart: A Tale of Two Zones

On the daily timeframe, BTC valiantly attempts to defend the $80K support zone, a bastion of hope in a sea of despair. The price remains trapped between $80,000 and $88,000, a prisoner of its own indecision. The 200-day moving average, that great and mysterious barrier, now acts as a dynamic sentinel, guarding the gates of heaven from the forces of darkness.

The RSI, that wily and cunning fox, has pulled back below the midline, a sign of the buyers’ weakness. Ah, but the buyers must see a confirmed daily close above $88,000 to invalidate the recent lower highs and reattempt the $92,000 level. Failing which, the path to $68,000 and beyond shall be laid bare before them, a veritable highway to perdition.

The 4-Hour Chart: A Whirlwind of Despair

On the 4-hour chart, BTC was recently rejected sharply from the red resistance zone around $88,000, a cruel mistress that beckons and then spurns. This strong rejection, followed by a swift drop back into the $82K range, indicates short-term supply remains strong, a hydra-headed monster that devours all in its path.

Moreover, the RSI has cooled off from overbought levels and is now trending near 40, a sign of the buyers’ waning momentum. Ah, but $80,000 remains the line in the sand, a Rubicon that must be crossed if the buyers are to emerge victorious. The area between $86,500–$88,000 continues to cap upside attempts, a formidable fortress that guards the gates of heaven.

On-Chain Analysis: The Miner’s Lament

By Edris Derakhshi, the Oracle of Bitcoin

Miner Reserve (EMA 30): A Tale of Woe

The Miner Reserve continues its long-term decline, a sad and sorry tale of woe. This steady sell-side pressure from miners suggests they’ve been taking profit consistently throughout the rally, a veritable feast of gold and silver that they’ve devoured with glee. The reserve now sits at multi-year lows near 1.81M BTC, a bleak and barren landscape that stretches out before them like a desert.

While this persistent reduction hasn’t caused a structural breakdown in price, it does add a layer of supply pressure that could weigh on rallies, a heavy chain that binds the buyers to the ground. It also implies miners may be expecting lower prices or simply preparing liquidity ahead of the halving, a clever ruse that shall be revealed in the coming weeks.

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2025-04-03 21:32