Bitcoin could drop to $80K if current support fails

Bitcoin's (CRYPTO:BTC) price is currently facing significant downward pressure, with analysts warning of a potential decline to as low as $80,000 if key support levels do not hold.

Recent technical analysis indicates that Bitcoin has struggled to maintain momentum after being rejected at the $100,000 resistance level twice in recent months.

The asset has now dropped towards the $92,000 support zone, which is showing signs of weakness.

If this support level fails, projections suggest a further decline to approximately $85,000 and possibly down to $80,000.

On the 4-hour chart, Bitcoin's price is actively testing the $92,000 support with strong bearish momentum.

This level has previously held firm on three occasions but appears increasingly vulnerable.

Additionally, the Relative Strength Index (RSI) is currently below 50%, indicating a heightened risk of further declines in the near term.

On-chain analysis using the Bitcoin Coinbase Premium Index reveals that U.S. investors have been selling Bitcoin more aggressively than their international counterparts.

The index has remained deeply negative for the past month, suggesting that selling pressure from the U.S. market could continue to drive prices lower.

"As long as this metric remains negative, the correction can be expected to continue," noted Edris Derakhshi of TradingRage.

Market participants are closely monitoring these developments as they could significantly impact Bitcoin's trajectory in the coming weeks.

The overall sentiment in the crypto market remains cautious amid these fluctuations and potential bearish trends.

At the time of reporting, the Bitcoin (BTC) price was $94,694.92.