Analysis: Bitcoin may retrace below $80,000 again, with $74,000 becoming a key defense line

Odaily Odaily reports that Bitcoin held steady above the $80,000 mark over the weekend, with no further significant decline in the market yet seen. However, market analysts believe the short-term adjustment is not over. Cryptic Trades indicates that current low-timeframe charts show that after encountering resistance near high-timeframe resistance levels, Bitcoin is more likely to retrace to the "Bull Market Support Band" in the short term, which is the area of two key moving averages below the $80,000 level. As long as BTC can hold this support band and the high-timeframe support zone near approximately $75,000, it remains inclined to move higher later on.

Additionally, some market analyses point out that Bitcoin's previous breakout above the bull market support band was "not clear," and the market needs to consolidate steadily above the low $80,000 area for one to two weeks to confirm a strengthening trend. (Cointelegraph)