Bitcoin (BTC) price bounces back to $82k after visiting $80k. A triangle breakdown amid the recent crash warns of the $75k retest.

With another wave of liquidations in the crypto market worth $619 million in the past 24 hours, Bitcoin momentarily reached the $80,000 level. Currently, Bitcoin trades at $82,520 with an intraday recovery of 2.25%.

This comes after a 6.36% crash on Sunday. With a new bearish engulfing on the chart and the lowest closing price since November 11, 2024, is Bitcoin bound to test the $75,000 mark? Let’s find out.

Bitcoin Down to $80k, Warns $75k Retest

In the daily chart, the BTC price trend showcases a bearish reversal from the 78.60% Fibonacci level, leading to a triangle breakdown. During the four-day crash, BTC price registered a downfall of nearly 11% to crash below a long-coming support trend line.

Moreover, Bitcoin undermined support at the 61.80% Fibonacci level. The bearish engulfing candle formed on Sunday has signaled a potential selling opportunity, coinciding with the triangle breakdown.

Currently, the intraday recovery is teasing a potential retest of the broken trendline. However, the technical indicators maintain an optimistic viewpoint. The daily RSI line reveals a bullish divergence in the BTC price trend.

Furthermore, the Chaikin Money Flow Index remains positive despite the intense pullback. Hence, if BTC manages to sustain a closing price above the 61.80% Fibonacci level, a short-term consolidation could improve the timing of a bullish recovery.

Based on the Fibonacci levels, the immediate critical resistance for Bitcoin is the 78.60% level at $91,780.

On the flip side, if BTC reverses after retesting the broken support trendline, a bearish continuation could follow. In that case, the 50% Fibonacci level at $75,533 could become a potential price target.

Fear in Crypto Similar to Previous Crashes

In a recent tweet, crypto analyst Inmortal pointed out the growing fear in the market. By referencing the Crypto Fear and Greed Index, the analyst noted that current fear levels are comparable to those seen during the COVID-19 crash and the 2022 market bottom.

However, as observed during the COVID-19 crash and the 2022 bottom, the market followed with a V-shaped reversal. Given that the market is at similar fear levels, there’s a possibility that it may follow the same historic trend and recover in a similar V-shaped pattern.