Bitcoin is currently priced at around $84,000, following a steep decline of 35% from recent peaks exceeding $126,000. This adjustment comes after the cryptocurrency previously held a 260-day lead within its market cycle, which has now been nullified.

Market Cycle Resets After Early Acceleration Bitcoin’s rapid move into new highs prior to the 2024 halving has resulted in its current position, where it is now closely aligning with historical cycle norms. Rekt Capital questioned the implications of this reset on the market’s future trajectory:

“What are the chances Bitcoin… managed to reduce the 260-day acceleration completely… to now also potentially Lengthen in its cycle considerably?”

Trendline Resistance The recent downturn, a 35% pullback, has surpassed earlier corrections while a significant trendline remains unbroken. The absence of breakthrough signals suggests persistent resistance in the market.

Market Trend Source: Rekt Capital

$82K: An Important Support Zone
Recent analyses highlight $82,045 as a pivotal support level, where substantial trading activity took place, indicating potential stabilization for Bitcoin. If it fails to maintain above this support, further declines could see prices dipping to between $60K and $70K.