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The key support level for assessing whether Bitcoin faces further losses is $80,400, on-chain analyst Axel Adler Jr. said. Adler said BTC fell about 6% from $86,700 on Oct. 2 to $81,600 today, while the BTC market structure indicator dropped to -0.32 from +0.37 a week earlier but remained above the bearish reversal threshold of -0.5. Adler said the move can still be seen as a normal correction if BTC holds $80,400, the lower end of its range over the past three weeks. If that support breaks and the indicator falls below -0.5, however, BTC could shift into a broader downtrend.
Adler added selling pressure also remains dominant in the futures market. The buy/sell strength indicator has stayed below its 50 baseline since Oct. 17 and fell to 46 after failing to break back above 50 during a rebound attempt yesterday, Adler said. A clear recovery above 50 in the futures market indicator would be an early sign of buying interest returning, Adler said.