- Traders eye a range breakdown toward $79,000, citing a lack of long liquidations at current lows.
- Bitcoin’s resilience amid a $2.85 trillion stock market wipeout could signal a bottom.
- Market-moving news hits Benzinga Pro first—get a 30-minute edge and save 60% this 4th of July.
Bitcoin BTC/USD is holding strong despite traditional financial markets trending down, though not all traders are convinced this strength will persist.
What Happened: Crypto Bully notes Bitcoin has traded in the same range for over three weeks, offering profitable short-term plays.
Despite no major long liquidations at range lows, persistent spot selling suggests a potential breakdown may be on the table.
Crypto trader Niels highlights that while the NASDAQ plunged 5.5% in a day, the worst performance since 2020 and erasing $2.85 trillion in value, Bitcoin closed the day up.
He says due to the highly volatile and liquid nature of Bitcoin, it tends to bottom before traditional markets, a trend he sees playing out again.
Also Read: Are Bitcoin And The S&P 500 Heading For A Death Cross?
What's Next: More Crypto Online points to BTC bouncing off key $79,000–$81,000 support, aligning with a technical corrective move.
The critical resistance to break is between $84,860 and $86,960—if BTC clears this zone, bulls could target the mid-$90,000s.
On the downside, support at $81,250 needs to hold, losing it could send BTC down to $75,000.
The trader predicts today's price reaction will be pivotal in determining whether this is a breakout or a fakeout.
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