Range-bound Bitcoin tests $80k wall as on-chain conviction builds.
Bitcoin dropped below $76,000 after hitting resistance at the $80,000 psychological barrier. Market sentiment is currently weighed down by macroeconomic tightening and geopolitical uncertainty regarding the Strait of Hormuz, leading to range-bound trading ahead of the upcoming FOMC meeting.
Expert Analysis:
Michael van de Poppe of MN Capital views this retracement as typical behavior before major policy shifts. He maintains that market conditions remain fundamentally strong and expects the current consolidation to lead to eventual growth once the economic outlook clears.
Technical Levels;
Resistance: The $78,000–$80,000 zone is reinforced by heavy selling pressure and the 20-week EMA.
Support: Solid support sits at $75,500, backed by the 20-day and 100-day EMAs.
Liquidity: On-chain data shows over 335,000 BTC held at the $78k resistance level, while nearly 300,000 BTC act as a floor at $75.5k.
On-Chain & Global Metrics:
Despite a 200% surge in aggressive accumulation (CVD), overall trading volume and active addresses have declined, signaling a mix of high conviction from buyers and general market caution.
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