BTC Clings to $80K Support, Tests Midline Amid Miner Reserve Decline

This pullback forces the market to question if the wider recovery structure can endure or if a deeper correction is emerging.

The asset has remained within a broad rising channel guiding its recovery since the lows of June. However, repeated bounces off the upper boundary, near $87K within the $85.5K–$90K supply zone, have weakened momentum, pushing BTC back toward the channel's middle line.

Currently, the asset is testing the midline around $80K, a critical support level. While buyers are attempting to defend this area, rebounds have been modest, and the market has created a pattern of lower highs since late September. A move toward $85K would signal improving strength.

Should the midline fail on a decisive daily close, the next objective becomes the $75K–$78K demand zone. This area represents the order block that started the strong August rally. Below that, the lower channel boundary near $73K serves as the final major support within this pattern, acting as a last defense against a renewed bear market.

The four-hour chart reveals a clearer downturn. After failing to breach $87K, Bitcoin formed lower highs, with the latest rebound stalling and reversing from the $85K area. The price subsequently lost the lower boundary of the short-term ascending channel that supported the move since mid-September.

Trading around the $80K zone after retesting the broken trendline from below, a failure to recapture $81K suggests the former support has flipped into resistance. A successful upward push could target the $84K supply area, followed by the $87K resistance that capped recent rallies.

On the downside, a clean break beneath the recent low near $79K would expose the broader $75K demand zone, which is the base of the September rally and a major order block. For the moment, the short-term structure suggests caution while the price stays beneath the broken channel.

The Miner Reserve indicator, tracking BTC held in miner wallets, shows a declining 30-day EMA from roughly 2M BTC in early 2025 down to about 1.1925M BTC today. This steady decrease continued even as Bitcoin approached the $120K region, indicating miners kept selling into strength.

Why it matters

The market is currently testing key support levels, making the immediate direction uncertain for investors. A break below $80K could signal a deeper correction, while holding that level offers a chance for recovery toward $85K.