Bitcoin Was Supposed to Protect You From Inflation. So What Happened?

AI-generated source summary

The analysis focuses on Bitcoin (BTCUSDT) using a daily timeframe, suggesting a bearish outlook. The current price is around $80,200. The primary analysis indicates a potential wave C down, targeting the main support zone between $74,800 and $63,300. This target is derived from the 38.2% to 78.6% Fibonacci retracement levels of a previous upward move, with specific targets at $74,804, $71,252, $67,868, and $63,326. The price is expected to break below the $80,000 level, with the lower boundary of the identified corrective channel serving as a dynamic support. The 50-week Simple Moving Average (SMA), located around $76,000 to $76,500, is also noted as a dynamic support level. A failure of the bearish thesis would occur if the price breaks above resistance zones, specifically above $83,800, invalidating the current downward correction scenario. The short-term analysis on the 30-minute chart reinforces the bearish sentiment, showing a five-wave downward move (wave 1 of wave C) within a descending channel, with potential for a weak wave 2 bounce around $81,700 to $83,800, followed by further downside. The key resistance zone to watch for invalidation is around $85,709, with specific levels at $86,516, $85,709, $84,383, and $83,953.

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