Bitcoin Near a Major PRZ: Can BTC Hold Above $80,000?
Bitcoin ( BINANCE:BTCUSDT ) moved higher over the past few hours following Trump’s tweet, while the announcement also supported a recovery in U.S. equities and triggered a temporary rise in Bitcoin and gold.
BTC is now trading near the Potential Reversal Zone(PRZ) , the Cumulative Short Liquidation Leverage($80,620-$79,800), and the key trading level of $79,800.
Can Bitcoin establish itself above $80,000, or is another correction about to begin?
Macro Outlook
The recent recovery in U.S. stock indices helped improve short-term risk sentiment and supported Bitcoin’s move higher.
However, the current rally has not been accompanied by particularly strong trading volume, which keeps the risk of another correction alive.
Technical Analysis
From an Elliott Wave perspective, Bitcoin could still be developing a Triple Three Correction(W-X-Y-X-Z).
BTC is also trading inside an important technical confluence formed by the PRZ, Cumulative Short Liquidation Leverage, and the key $79,800 trading level.
Liquidation data shows approximately $909 million in short positions at risk above $80,600, making this area an important liquidity target.
At the same time, approximately $807 million in long positions are at risk below $74,860, creating another major liquidity area on the downside.
💡 Educational Note: Large liquidation clusters can attract price because forced position closures create additional market orders, but reaching a liquidity zone can also trigger a sharp reversal once that liquidity is absorbed.
I expect Bitcoin to start declining from the Potential Reversal Zone(PRZ) and the Cumulative Short Liquidation Leverage, with an initial target around $77,800.
If bearish momentum increases, the correction could extend toward $76,600.
Trade Setup
First Take Profit(TP): $77,800
Second Take Profit(TP): $76,600
Stop Loss(SL): $80,890
Key Trading Levels: $79,800 _ $77,500
Which level do you think Bitcoin will reach first?
🔴 $76,600
🟢 $80,890
📌 Bitcoin Analysis(BTCUSDT), 2-hour time frame.
🛑 Always use proper risk management and set a Stop Loss(SL) for every position.
🚀 If this analysis helps your trading plan, a BOOST would help more traders discover it.
TITradingView Ideas14 Sept