Key Takeaways
- Bitcoin suffered a fresh price decline at the start of a new week toward $86k, as the price could see further declines.
- Crypto experts and traders hint at a possible market crash if BTC fails to defend its key demand zone at $80k.
- Bitcoin’s technical indicators and price signal short-term bearish weakness, as the price continues to trade in a range with significant uncertainty.
| Bitcoin Market Sentiment | Fear |
| Bitcoin Fear & Greed Index | 25 |
| 7-days Price Action | -5.2% |
The price of Bitcoin has created significant uncertainty in the crypto market over the last few weeks, as the crypto asset has struggled to meet the expectations of many crypto investors, whales, and experts who had the conviction of a potential $150k BTC at the end of the year.
Things have gone south as the price of BTC has crashed by over 35% in the last few months, from its all-time highs of $126k towards a key low of $80k before its price enjoyed a short-term market rebound towards a region of $94,000, but it was short-lived as the price came crashing towards $85k.
Following recent market uncertainties, altcoins, including Ethereum, Solana, and Ripple coin, have all experienced a fair share of the market downturn, and the market could see further declines in the coming weeks if the price fails to defend its key region of interest around $80k.
While this region had protected price from downtrend, there are speculations of this zone failing, and according to Ali Martinez, a crypto expert, he believes that if the price of Bitcoin fails to protect $84k in the coming weeks, the price could go as low as $70k, which could see altcoins suffer significant losses.
Where could the price of Bitcoin be headed in the coming weeks as the year finally comes to an end?
Bitcoin at Key Zone – Where is Price Headed?
According to crypto expert and analyst Alejandro, nothing has changed in BTC’s price action, as the price still remains in a range. A breakout to the upside of $100k could see the price reclaim $105k, which could be a good sign for many altcoins.
If Bitcoin fails to trade to the upside and breaks into a lower price zone around $80k, we could see bears dominate the price to the downside, potentially towards $70k, as this region has remained a bullish liquidity zone waiting for orders to be filled.
Overall price action remains uncertain; caution is required before entering the market at a good position, as traders and investors continue to buy time ahead of the next breakout.
FAQs
Will BTC go back up?
The price of Bitcoin crashing to its yearly low of $80k has raised concerns among crypto traders who are not convinced of the price action as price continues to trade in a range.
Why did Bitcoin crash now?
The crypto market crashed due to market uncertainties and a shift in sentiment from bullish to bearish, as BTC trades with extreme caution.
Is BTC expected to rise or fall?
The price of Bitcoin is attempting to rebound from its key support zone of $80k for weeks, as it aims for a short-term price gain towards $107k.
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