Bitcoin ($BTC) is facing significant selling pressure. Intraday price action is showing a pull back from above $81,000 towards the $77,000 level. The decline followed an early attempt to extend gains but eventually shifted the market structure to a bearish pattern marked by lower highs and lower lows.
The analysis of BTC/USDT chart shows that $BTC initially traded around $80,400 before climbing steadily. It briefly moving above the $81,000 mark during the early session. The move peaked at roughly $81,100. Soon after this, sellers took control and pushed BTC back below $80,000.
Bitcoin Breaks Below $79,000 Due to Sharp Evening Sell-Off
After losing the $80,000 level, Bitcoin continued to form lower highs throughout the day. The cryptocurrency traded mostly between $79,000 and $80,000. In the mean time, several recovery attempts were made but failed to establish a sustained bullish move.
Selling pressure intensified during the evening hours. Bitcoin fell sharply from the mid-$79,000 range and briefly dropped to approximately $77,100. This represents a decline of around 4.9% from the intraday high near $81,100.
The price subsequently staged a modest rebound toward $78,000 but remained well below the day’s peak. The recovery suggests some buying interest around the $77,000 area. However, this is likely a short-term support.
From a technical perspective, $81,000–$82,100 now represents a key near-term resistance zone. $80,000 has shifted into an important psychological level that bulls would need to reclaim to improve the short-term outlook. On the downside, the $77,000–$77,100 area has emerged as immediate support following the sharp rejection from higher levels.
Large Bitcoin Transfers Add to Selling Concerns
Today’s downward move comes from large Bitcoin sales which have created significant selling pressure. Analytics firms and trackers reported that 500 BTC, worth approximately $39.56 million, was transferred to Coinbase Prime from a long-dormant wallet linked to Irish drug dealer Clifton Collins.
On the same day, blockchain trackers also pointed out a transfer of approximately 244 BTC, worth around $19.4 million. This transfer is linked to the North Korea-associated Lazarus Group.
Large transfers to centralized exchanges can attract market attention because they may indicate that coins are being positioned for potential sale. However, exchange deposits alone do not confirm that the transferred Bitcoin has been sold.
The latest price action leaves Bitcoin traders focused on whether the $77,000 area can hold as support. A sustained recovery above $79,000 would help stabilize the short-term structure. The market is also digesting roughly $200 million in long liquidations following the Jackson Hole symposium. This adding more to the short-term selling pressure.