Bitcoin Market Rocked By $1.6 Billion Wave Of Aggressive Selling
If Bitcoin closes above $80,000 on a daily candle, a short squeeze could send prices racing toward $82,230 — a level that hasn’t been tested in seven months.
Based on the data, analysts said $80,000 acted more like a distribution zone than a true breakout point, with sellers absorbing demand faster than buyers could sustain momentum.
Bitcoin pulled back after the rejection, retreating from a high of $80,500 reached just hours earlier.
Macro Events Helped Fuel The Run-Up
The rally itself had a geopolitical trigger. US President Donald Trump announced what his administration called Project Freedom on Sunday, with the US military beginning to escort vessels through the Strait of Hormuz using 15,000 troops, destroyers, and more than 100 aircraft.
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The operation pushed oil prices lower and lifted sentiment across risk assets, Bitcoin included.
Frigg noted the situation remains unstable. A tanker was struck near Fujairah the same morning, and Iran described the US operation as a ceasefire violation. The brief improvement in market mood, she said, has not resolved the underlying tension.
Featured image from Vecteezy, chart from TradingView
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