Bitcoin Price is Plunging! What’s Driving the Drop? Is it Heading Back Below $80,000?

Bitcoin price

The weekly chart shows Bitcoin breaking below the $88,000–$85,000 support band, which is the channel of a bear flag. Volume has not expanded on the rebound attempts, indicating weak buyer conviction. If BTC fails to reclaim $90,000–$92,000, the structure opens downside risk toward $80,000, followed by deeper support near $75,000. The broader trend remains corrective unless price reclaims former resistance decisively.

What’s Next? Will BTC Price Drop Below $80,000?

Bitcoin’s weekly structure continues to lean bearish, with selling pressure increasingly absorbing buying volume. The weekly MACD has turned negative again, while the RSI is drifting toward lower support, reflecting weakening momentum. From a pattern perspective, confirmation of the bear flag breakdown would open downside risk toward the $70,000 region, aligning with the projected length of the flag’s pole. However, the $80,400 support zone remains critical. If buyers manage to defend this level, a short-term rebound could emerge. Failure to hold it, however, would likely keep Bitcoin testing lower demand zones.

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