Bitcoin Price Analysis: Is $80K Next for BTC After Losing $85K Support?

Bitcoin is struggling to push higher, showing signs of weak demand and potential rejection. If selling pressure increases, the $80K support level could be the next target in the coming days.Technical AnalysisBy ShayanThe Daily ChartBTC’s recent bullish retracement has lost momentum after briefly surpassing the 200-day moving average at $85K, leading to a minor rejection. This price action suggests a potential false breakout and a bull trap, highlighting the presence of sellers.The current retracement appears to be corrective, and if selling pressure intensifies, a drop toward the critical $80K support level could unfold in the short term. However, if unexpected buying pressure emerges, a breakout above this level could trigger a short squeeze, pushing Bitcoin to new highs.The 4-Hour ChartOn the lower timeframe, Bitcoin continues its downtrend within a descending price channel, characterized by lower highs and lower lows, reinforcing a bearish market structure. Although BTC recently attempted a bullish retracement, momentum faded upon reaching the channel’s upper boundary at $88K, confirming strong resistance.The rejection at this level has triggered renewed bearish pressure, increasing the likelihood of continued consolidation within the channel. In the short term, the $80K support, aligned with the channel’s mid-boundary, remains the primary downside target.On-chain AnalysisBy ShayanFutures market sentiment has consistently offered valuable insights into Bitcoin’s price trends, with funding rates serving as a key indicator of market dominance. Recent data shows a decline in funding rates, nearing zero, signaling a shift toward seller dominance.While this might seem bearish at first, it mirrors the market behavior seen in the summer of 2024, when Bitcoin underwent a prolonged correction before rallying strongly. This pattern suggests that BTC may have entered a deep consolidation phase, potentially lasting through the mid-to-long term before resuming its upward trajectory.