Bitcoin (BTC) approached the psychological barrier of $80,000 today, but only reached a high of $79,420. A downward trend followed, with the price currently at $76,757 (-3.35%).
Although no major news triggered this decline, selling pressure intensified following massive derivatives liquidations in an overleveraged market.
Bitcoin retracement of nearly $80,000
In one hour, crypto exchanges received a combined total of $1.35 billion in sell orders, with Binance accounting for the majority with $1.2 billion. For Bitcoin, liquidations wiped out $112.66 million from long buyers over the past 24 hours.
Source: Binance
The market was not helped by the fact that a fragile ceasefire between the United States and Iran was still imminent, coupled with the failure of peace talks. Infrastructure damage and the closure of the Strait of Hormuz have created an economic crisis, with the price of WTI crude oil rising to $96.73 per barrel.
Source: oilprice.com
That said, many analysts are convinced that the Bitcoin price decline is typical of a bottom or near-bottom event, and that we should expect a strong rebound in the long term.
The other side of the coin
According to Michaël van de Poppe, historical trends show increases of up to 1,300% in the two years since Mayer’s multiple Z score fell below -1.5 standard deviations. This suggests that Bitcoin is significantly undervalued and historically “oversold” relative to its long-term average.
Having reached this same point in this cycle, the analyst is convinced of an upcoming bullish reversal, with $200,000 as the bear market low.
#Bitcoin has reached the ultimate accumulation trigger of this cycle.
This trigger isn’t hit very often, but when it is, it provides a generational opportunity.
In previous cycles, these levels were reached at the bottom of the bear market.
After 2018: +400% in 2 years
After… pic.twitter.com/q2pONlADq2– Michaël van de Poppe (@CryptoMichNL) April 27, 2026
What supports this theory?
Bitcoin’s Relative Strength Index (RSI) now reads 53.40, while the MACD (Moving Average Convergence Divergence) remains positive and rising. Both indicators indicate a shift towards the valued region and a resulting increase in buying pressure.
Additionally, Bitcoin investment products saw demand increase last week with flows of $933 million. BlakRock’s IBIT recorded a 9-day inflow streak of $983 million, marking its most dominant week in 6 months.
Additionally, Congressman Nick Begich III announced the revival of a strategic Bitcoin reserve as the United States strives to position itself as a Bitcoin hub.