Bitcoin continues to navigate a challenging market, with keen interest from buyers at the sizable drop to $80,000. Analysis shows that several altcoins are nearing heavily discounted positions.

Key Highlights:

• Bitcoin is experiencing considerable sell pressure, raising worries about a potential drop to the critical support at $73,777.
• Many prominent altcoins have fallen below their support lines, signifying robust bearish control.

Bitcoin (BTC) attempted a recovery on Friday, but bearish forces kept pushing the price down to $80,000 at Binance. The market sentiment appears bleak as US stock markets deepened their correction amid fears of overvaluation in the AI sector. Moreover, expectations for a December rate cut by the Federal Reserve have decreased from 98.1% on October 21 to just 33.1%, according to the CME FedWatch Tool.

The prevailing question remains: how low can BTC drop? André Dragosch from Bitwise posited on X that BTC might bottom out between BlackRock’s cost-basis of $84,000 and Strategy’s basis near $73,000.

Price Prediction for Bitcoin

BTC traversed multiple short-term support levels to settle at $80,600, signaling strong bearish activity. The next significant support is the $73,777 level. Buyers are poised to protect this level fiercely, as a breakdown could trigger a freefall to $53,500.

A major bounce usually follows sharp corrections, suggesting a potential relief rally could be imminent. The oversold conditions reflected in the relative strength index (RSI) could carry the BTC/USDT pair up to the 20-day EMA at $97,319, where sellers are expected to defend strongly.

Ether (ETH) Outlook

Ether has closed below the $3,000 mark, potentially leading to a drop towards $2,500. The oversold RSI indicates that a rebound is feasible shortly. If ETH bounces from the current levels or from $2,500, it can reach the $3,350 resistance. Conversely, a weak recovery could precipitate a decline to $2,111.

Other cryptocurrencies are also experiencing significant fluctuations. To stay ahead, the analysis covers the top 10 digital currencies extensively, highlighting necessary resistance and support levels.