Bitcoin Price Analysis: BTC Clings to $80K Support – Is a Deeper Correction Looming?

Bitcoin is trading above $80K after another rejection from the $87K supply zone, which has put the mid-channel support under pressure. The pullback leaves the market testing whether the broader recovery structure can hold or whether a deeper correction is developing. Meanwhile, the declining miner reserve suggests that supply pressure from miners has not fully eased. Bitcoin Price Analysis: The Daily Chart Bitcoin continues to trade within a broad ascending channel that has guided the recovery since the June lows. However, the repeated rejections near the upper boundary around $87K, inside the $85.5K–$90K supply zone, have weakened momentum and pushed BTC back toward the channel’s midline. The asset is now testing the midline around $80K, a key support level. Buyers are attempting to defend it, but the rebounds have remained limited, and the market has formed a sequence of lower highs since late September. A recovery toward $85K would be the first sign of improving strength. If the midline fails on a decisive daily close, the $75K–$78K demand zone becomes the next target. This area is the order block that initiated the sharp August rally. Below it, the lower channel boundary near $...