Opinion: Bitcoin needs to show buying power above $80,000, otherwise it may further pull back to $76,000-$78,000.

BlockBeats news, October 12: Renowned trader Killa posted that Bitcoin is currently retesting its previous breakout price range, and the market needs bulls to actively buy at the current position to prove that this range still acts as support. If BTC falls below the range again and fails to reclaim it, it may mean the current structure has been broken, with a further pullback below $80,000.

Killa pointed out that the market has already seen about $2 billion in liquidations, and it may not necessarily need to sweep the previous lows again to obtain liquidity. If the price continues to weaken, it instead indicates market weakness, rather than bulls accumulating strength.

He warned that the previous defense near $80,000 may also have been just to lure traders in, after which the price could still drop to the $76,000 to $78,000 range; if Bitcoin wants to continue rising, buying performance in the current area will be key.