Range-bound Bitcoin tests $80k wall as on-chain conviction builds

But Bitcoin’s decline from the $80k zone is a classic Fedweek warning, with strong support near $75,000. Traders waiting for FOMC decision, mixed onchain signals and 5k traders.

With strong resistance around the $80,000 level, Bitcoin ($BTC) dropped below $76,000 after it encountered intense resistance — a key psychological threshold that has consistently been low upward momentum since late April. But sentiment remains a heavy weight of uncertainty surrounding the Strait of Hormuz reopening and tightening macroeconomic conditions, keeping traders locked in ‘a narrow range’ as FOMC meeting approaches.

The retracement is ‘typical behavior’ ahead of major monetary policy announcements, said Michael van de Poppe, founder of MN Capital. But he added ‘I think we’re still in a phase of very strong market conditions, so the consolidation phase may be used to support new power once macro clarity becomes clear.

Resistance and support zones

The $78,000–$80,000 supply zone coincided with the 20-week exponential moving average (EMA) and Bitcoin’s 30% recovery from its February 6 low below $60,000 stalled sharply. This concentration of selling pressure has been strong, backed by options market data showing 7,200 $BTC in open interest at the $80,000 strike with positive gamma and low implied volatility.

On the other hand, support isanchored at $75,500, a level that matches with the 20-day EMA, 100-hour EM and the lower limit of an ascending channel. The data from Glassnode’s UTXO Realized Price Distribution (URPD) shows direct resistance around $78,000, where investors have 335,650 $BTC; about 298,560 $C cluster at an average purchase price of $75,500 that is critical support floor.

On-Chain signals show mixed picture

This is a nuanced portrait of market dynamics that is painted with on-chain indicators. Using glassnode data, Bitcoin shows “a coexistence of bullish momentum and cautious sentiment” in its “coexisting” status. The spot Cumulative Volume Delta (CVD) soared nearly 200% over the past week, up from $188 to almost two-thirds of last week. 3 million to $54 million for . This is an example of 8 million, a reflection of aggressive accumulation and strong conviction among market participants in the form of “market” (e.g. But spot trading volume fell 13 per cent, compared to . Eight percent, a drop from $6 to 8%. 95 billion to $5, a phrase that s say. Signaling a decline in overall activity even though the bullish CVD reading was at 99 billion, signalling less general activity. A total of 1-1 fell on daily active addresses as well, too. At that time, 6% of the period, “indicating a decline in market activity” and more subdued network participation.

Today, Bitcoin is trading around $76,800 (about 1-1) down about $11,800. 9 percent over the past 24 hours, 9% for . Ethereum (ETH) is near $2,315, while the broader crypto market cap is $2. Paraphrasing 62 trillion, down about two per cent from the day before.

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