Bitcoin key levels to watch

Bitcoin's sharp drop has been driven by a combination of factors all coming into play at the same time. These include profit-taking after Bitcoin surged to above +$100K mark in short order, the absence of more regulatory support, tariffs and the broad tech-sector weakness, among other factors.

But it is now approaching some key support levels where dip buyers might step in.

First up is $80K, which is a key level, and should the crypto be able to hold its ground here, we could see a rebound towards $90K in the coming days. i know it has broken below this level intraday, but let's see how it will close the session.

However, a decisive break below $80K would bring into focus the long-term support area between the March 2024 high of $73,835 to November 2021 high of $69,000. This area is where I would expect to see at least a sizeable bounce if we get there.

By Fawad Razaqzada, market analyst with FOREX.com