Bitcoin Defends $80,000 Amid Liquidation Storm... "Now Aiming for $85,000"

▲ Bitcoin (BTC)/ChatGPT generated image

Bitcoin (BTC) has defended the $80,000 support level, with a short-term target of $85,000 being suggested. Despite rapid volatility and liquidation after the weekly close, market analysis indicates that there is still room for further upside if the $80,000 defense continues.

Cointelegraph reported on May 11 (local time) that Bitcoin started the new week maintaining the $80,000 support level even after a volatile weekly close. According to the article, Bitcoin briefly surpassed $82,000 due to geopolitical variables but quickly returned to around $80,000. During this process, liquidity from long and short positions accumulated in exchange order books was simultaneously liquidated, and the 24-hour cryptocurrency liquidation volume exceeded $400 million.

Trader Kripnyubo viewed Bitcoin maintaining $80,000 as a support level as an ideal foundation for further upside. He stated that the price has settled above $81,000 and the daily moving average has followed, suggesting the possibility of Bitcoin rising to $84,000-$85,000 this week. Cryptocurrency trader Michaël van de Poppe also assessed that the uptrend is being maintained, with the 21-day moving average below the current price and the structure of higher highs and higher lows remaining unbroken.

However, there were also views that an immediate breakout is difficult to confirm. Rekt Capital pointed to the gap in the Chicago Mercantile Exchange (CME) Bitcoin futures chart, explaining that while Bitcoin is maintaining the bottom of that range as support, it is being rejected at the top. He suggested that sideways movement might continue rather than a full-fledged rally until the weekly close settles above the top of this range. Crypto Trades, however, reported that gaps remain around the spot price at $78,000, $80,300, and $84,000.

Macro variables were also presented as key factors in Bitcoin's price movement this week. Cointelegraph explained that the conflict between the United States and Iran is increasing short-term volatility across cryptocurrencies and risk assets. President Donald Trump stated that Iran's latest proposal was unacceptable, after which West Texas Intermediate (WTI) crude oil prices rose back above $100. Bitcoin briefly surged to around $82,500 but soon gave back its gains.

This week, the release of the US Consumer Price Index (CPI) and Producer Price Index (PPI) is also scheduled. As oil price volatility could affect inflation indicators, the market is re-evaluating the Federal Reserve's future interest rate path. However, the article noted that traders believe the CPI results themselves have already been largely factored into Bitcoin's price.

On-chain indicators also showed analyses expecting a sustainable uptrend. CryptoQuant contributor Lee explained that Bitcoin's spot taker accumulated volume delta has turned green. This means that buyers have started directly absorbing order books with market buy orders rather than limit orders waiting for lower prices. He assessed that large investors have shifted from a speculative approach to a long-term holding mindset, and real demand has predominated.

Another bullish signal was identified in the Market Value to Realized Value (MVRV) metric. Bitcoin's MVRV ratio has rebounded from recent lows to reach one of its highest levels since 2026. CryptoQuant explained that this indicator is on the verge of a golden cross, breaking above the 200-day exponential moving average for the first time in nearly three years, and similar signals in the past have preceded rapid increases in Bitcoin's price.

Based on maintaining the $80,000 support, expanding spot buying interest, and improving the Market Value to Realized Value metric, Bitcoin has left room for short-term upside. However, with the CME futures gap, geopolitical variables, and this week's inflation data intertwined, whether Bitcoin breaks through the $84,000-$85,000 range has been presented as a key zone determining its short-term direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*