English
Bitcoin - BTC/USD
Bitcoin falls over 5% as sell-off breaks $80,000 support
The Nasdaq sell-off spreads to cryptocurrencies. Bitcoin drops towards $76,000, while Ethereum loses almost 7%. Reclaiming $80,000 is now crucial to restoring the recovery outlook.
Bitcoin faces heavy selling pressure. The largest cryptocurrency is down more than 5% over 24 hours, while Ether (USD) falls almost 7%. The psychological $80,000 support level has given way, wiping out the latest recovery above that threshold in a single trading session.
IG’s daily chart shows Bitcoin (USD) trading at around $75,990 in the early evening. The key question is whether the price can return to its potential bull flag or whether the decline will deepen.
Why is Bitcoin falling today?
Heavy selling in technology stocks is weighing on the cryptocurrency market. Concerns about returns on AI investment and potential restrictions on data centre expansion are weakening risk appetite. Forced liquidations of leveraged crypto positions are adding to the selling pressure.
Bitcoin has been unable to withstand the turbulence on Wall Street. Today’s simultaneous declines suggest investors are reducing their exposure to risk across several asset classes.
Related analysis: Nasdaq 100 drops over 1,000 points as tech stocks sell off.
Bitcoin technical analysis: Reclaiming $80,000 is key
The daily chart shows Bitcoin trading below the lower boundary of its potential bull flag, weakening the bullish continuation scenario. A sustained recovery above $80,000 would bring the price back inside the formation and help stabilise the technical outlook.
On the downside, initial support sits at $74,143. Below that, the $73,000–$73,500 area combines the rising 200-day moving average with monthly pivot support. A break beneath this zone could expose the region around $70,000.
Bitcoin daily chart: $80,000 is key to restoring the recovery
Bitcoin price outlook: $96,000 remains a bullish scenario
A bullish continuation would require a sustained break above the upper flag boundary around $84,500–$85,000, following a recovery above $80,000.
That could open the way towards the September highs and resistance around $88,600. Beyond this, $96,000 could come into view as a bullish year-end scenario. However, the recovery still needs confirmation, and the formation provides no reliable timetable for reaching that target.
Bitcoin long and short setups
| Scenario | Confirmation | Potential targets | Signal weakens if… |
|---|---|---|---|
| Long | Bitcoin reclaims and holds $80,000 | Initially $84,500–$85,000; after a flag breakout, $88,600 and potentially $96,000 | The price falls back below $80,000 |
| Short | Sustained break below $74,143, followed by a failed recovery attempt | $73,000–$73,500; a further breakdown could expose $70,000 | The price reclaims and holds $74,143 |
BTC/USD: Five-Year Price Performance
Ready to start your trading journey?
Open an IG account now
Follow us online:
