Bitcoin – bears consolidate above $80K support zone after last week’s heavy losses

Bitcoin edged higher in early Monday trading, as traders collect some profits from last week’s 13% drop, with Sunday’s bearish acceleration (down 5%) making strong contribution to the recent heavy losses.

President Trump’s held crypto summit over the weekend with crypto industry elite, in order to promote his plan to build a strategic reserve containing bitcoin and some other digital assets.

Initial idea to capitalize reserves with bitcoin seized from criminal activities and owned by federal government, to avoid any cost on taxpayers, disappointed markets on signal of no need to buy more cryptocurrency and deflated the bitcoin.

Bears found a footstep at psychological $80K support, though recovery attempts faced headwinds from 200DMA ($82998) which marks significant obstacle.

Technical studies on daily chart are in full bearish setup and maintain strong pressure for another attack at pivotal supports at $80K / $79160 (50% retracement of $48738/$109582 rally).

Clear break here to generate fresh bearish signal for further weakness and unmask targets at $74825 (55WMA), $71980 (Fibo 61.8%) and $70K (psychological).

Repeated close below 200DMA to confirm strong bearish stance and keep near-term risk at the downside, while break here would ease negative pressure and open way stronger correction.

Broken Fibo 38.2% ($86339) and 10DMA ($86994) mark solid barriers and guard upper pivots at $89380 (20DMA) and $90K (psychological).

Res: 82998; 84032; 86339; 86994

Sup: 80000; 79160; 78115; 74825