Opinion: Bitcoin needs to hold the key $80,000 area, otherwise it may pull back to $76,000-$78,000.

PANews October 12 news: Trader Killa posted that Bitcoin bulls need to enter in the current area, otherwise BTC may face the risk of falling below $80,000 and further correction.

BTC had previously broken above the upper boundary of the trading range and is currently retesting whether the structure of that range remains valid. If the price falls back below the range again and fails to reclaim it, it may mean the previous breakout failed and the market structure will be damaged. The market has already experienced about $2 billion in liquidations and does not need to seek liquidity again by sweeping lows. If there is another sharp decline, it may instead reflect market weakness rather than a healthy correction.

The current area around $80,000 is a key zone for BTC to continue rising. Bulls need to show absorbing strength. If buying is insufficient, the recent defense of the $80,000 support may merely be to attract funds into the range, after which the price may fall back toward the $76,000 to $78,000 area.