Bitcoin Price Analysis: BTC Clings to $80K Support – Is a Deeper Correction Looming?

Bitcoin is trading above $80K after another rejection from the $87K supply zone, which has put the mid-channel support under pressure. The pullback leaves the market testing whether the broader recovery structure can hold or whether a deeper correction is developing. Meanwhile, the declining miner reserve suggests that supply pressure from miners has not fully eased. Bitcoin Price Analysis: The Daily Chart Bitcoin continues to trade within a broad ascending channel that has guided the recovery since the June lows. However, the repeated rejections near the upper boundary around $87K, inside the $85.5K–$90K supply zone, have weakened momentum and pushed BTC back toward the channel’s midline. The asset is now testing the midline around $80K, a key support level. Buyers are attempting to defend it, but the rebounds have remained limited, and the market has formed a sequence of lower highs since late September. A recovery toward $85K would be the first sign of improving strength. If the midline fails on a decisive daily close, the $75K–$78K demand zone becomes the next target. This area is the order block that initiated the sharp August rally. Below it, the lower channel boundary near $73K would be the final major support within the pattern, and buyers’ last line of defense against a renewed bear market. BTC/USDT 4-Hour Chart The 4-hour chart shows a clearer deterioration. After failing to break above $87K, Bitcoin formed lower highs, with the latest rebound stalling and reversing from the $85K area. The price has since lost the lower boundary of the short-term ascending channel, which had supported the move since mid-September. BTC is now trading around the $80K zone, after retesting the broken trendline from below. A failure to reclaim $81K would suggest that the former support has turned into resistance. A successful push higher could target the $84K supply area, followed by the $87K resistance, which capped the recent rallies. On the downside, a clean break below the recent low near $79K would expose the broader $75K demand zone. This region is the base of the September rally and a major order block. For now, the short-term structure favors caution while the price remains beneath the broken channel. On-Chain Analysis The Miner Reserve indicator on CryptoQuant tracks the total amount of BTC held in miner wallets. Rising reserves suggest miners are accumulating, while falling reserves indicate that they are distributing coins, which can add selling pressure to the market. The chart shows the 30-day EMA of the reserve declining from approximately 2M BTC in early 2025 to around 1.1925M BTC today. This steady downtrend persisted even as Bitcoin climbed toward the $120K region, suggesting that miners continued to sell into strength. More recently, the reserve fell sharply from mid-2026 before stabilizing around its current level, with only a modest rebound. The decline does not independently confirm a bearish trend, since miners also sell to cover operational costs. Still, the absence of a clear reserve recovery adds to the cautious outlook while BTC defends the $80K region. The post Bitcoin Price Analysis: BTC Clings to $80K Support – Is a Deeper Correction Looming? appeared first on CryptoPotato.