$Bitcoin has lost another battle. After holding above $80,000 for most of the week, BTC broke down hard on October 29 and 30, sliding from around $81,300 to a low near $76,900 in less than 48 hours. At the time of writing, Bitcoin trades at $77,200, roughly 4.5% below where it opened the week and well under the $78,000 zone that bulls had been defending since mid-September.
BTC/USD ChartThe move was not a slow bleed. The seven-day chart shows a near-vertical drop late on October 29, a brief bounce toward $78,300, and then a second leg lower on October 30 that pushed price into the $76,900s. The bounce since then has been weak, which tells us sellers are still in control.
Why Did Bitcoin Price Crash Below $78,000?
The $78,670 level (orange line on the daily chart) had acted as the floor of Bitcoin’s entire September and October range. Every dip toward it since the August breakout was bought. This week, that changed. Tw...
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