Renowned trader Killa: Bitcoin needs to hold the $80,000 level and form a higher low; otherwise, the correction could deepen.

Well-known crypto trader Killa posted that for Bitcoin to evolve along its current price structure, it needs to form a higher low above $75,500, ideally holding the low near $80,000. This mirrors Bitcoin’s 2023 price action: back then, it posted a higher high on the weekly timeframe, then retested and defended its original range. This may explain why recent lower-timeframe moves have been so prone to triggering stop-losses, aggressive, and marked by algorithmic trading activity. Bitcoin once recovered its internal structure in the $82,000 range, then retested, broke below the structure again, and later reclaimed it. The entire market seems to be deliberately luring traders into positions. Admittedly, the initial dip to the $81,000 range was structurally unfavorable, but a large number of short positions were concentrated at lower levels at that time, which may account for the subsequent price reaction. Another notable detail: during Bitcoin’s decline from $84,100 to $81,000, only around $300 million in long positions were liquidated; whereas in the prior drop from $86,800 to $80,600, long liquidations exceeded $2 billion. The sharp fall in long liquidation volume indicates the market’s reliance on long positions may be lower than before. Current price action is quite delicate. Bitcoin needs to form a higher low at its current level to kick off a new rally; otherwise, this correction could push prices below $80,000. For now, the so-called "crash protection team" has done a solid job of propping up prices, but it’s also constantly disrupting lower-timeframe internal consolidation ranges.