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Cryptocurrency analyst Michaël van de Poppe identified $80,000 as a key support level for Bitcoin and said a break below that level could accelerate losses toward $75,000.
Van de Poppe said Bitcoin had recently risen to $87,000 before pulling back to around $81,600, adding that the current correction is not a major cause for concern. Van de Poppe said selling pressure could expand sharply if BTC falls below the key $80,000 support, while a hold above $80,000 followed by a break through $83,000 resistance could allow the uptrend to continue through much of the fourth quarter.