Bitcoin Tests $80K Support as Analysts Watch Moving Averages

Analyst Benjamin Cowen has flagged the 50-day simple moving average as a pivotal trigger for the current market structure. According to Cowen, a daily close beneath this average would likely push the asset toward the bull market support band. While Bitcoin briefly touched a low of $80,989 before recovering to approximately $81,300, it remains down 3.5% over the 24-hour period. This price action follows previous warnings from Bitget Wallet researcher Lacie Zhang, who suggested that losing the $82,000 range could accelerate a slide toward current levels.

Despite the immediate volatility, some market participants remain focused on longer-term accumulation. The trader known as Mr. Wall Street indicated he is holding positions acquired between $60,000 and $64,000, while maintaining active buy orders in the $72,000 to $76,000 range. Meanwhile, broader sentiment regarding a rapid climb to new highs appears muted. Data from Polymarket shows only a 3% probability assigned to Bitcoin reaching $130,000 before the end of the year, signaling that investors are currently prioritizing caution over aggressive speculation.