Bitcoin is trading above $80K after another rejection at the $87K supply zone, putting channel midline support under pressure. Declining miner reserves suggest selling pressure from miners has not fully eased.
Bitcoin is trading above $80K after another rejection from the $87K supply zone. The pullback tests whether the broader recovery structure can hold or whether a deeper correction is developing.
Daily chart shows weakening momentum
The asset continues to trade within a broad ascending channel that has guided the recovery since the June lows. Repeated rejections near the upper boundary around $87K, inside the $85.5K–$90K supply zone, have weakened momentum and pushed BTC back toward the channel's midline.
Bitcoin is now testing the midline around $80K, a key support level. Buyers are attempting to defend it, but rebounds have stayed limited, and the market has formed a sequence of lower highs since late September.
If the midline fails on a decisive daily close, the $75K–$78K demand zone becomes the next target. That area is the order block that initiated the sharp August rally. Below it, the lower channel boundary near $73K would be the final major support within the pattern.
Four-hour chart points to caution
The 4-hour chart shows a clearer deterioration. After failing to break above $87K, Bitcoin formed lower highs, and the price has lost the lower boundary of the short-term ascending channel that had supported the move since mid-September.
BTC is trading around the $80K zone after retesting the broken trendline from below. A failure to reclaim $81K would suggest the former support has turned into resistance, while a push higher could target the $84K supply area, followed by $87K. On the downside, a clean break below the recent low near $79K would expose the $75K demand zone.
Miner reserves stabilize near 1.1925M BTC
The Miner Reserve indicator on CryptoQuant tracks the total amount of BTC held in miner wallets. Its 30-day EMA has declined from approximately 2M BTC in early 2025 to around 1.1925M BTC, even as Bitcoin climbed toward the $120K region. That suggests miners continued to sell into strength.
The decline does not independently confirm a bearish trend, since miners also sell to cover operational costs. Still, the absence of a clear reserve recovery adds to the cautious outlook while BTC defends the $80K region.
Source: CryptoPotato
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