Bitcoin briefly dipped below the $80,000 level on October 15—nearly a month ago—indicating that buyers are running out of steam; otherwise, sellers would not have been able to push prices below $80,000. After testing the downside, Bitcoin rallied back toward $82,500, but as I’ve noted for the past 10–15 days, it failed to break above this critical pivot level. Had it broken through, it might have sparked optimism for long positions—but it lacked the strength to do so. I maintain my bearish outlook for Bitcoin, with my first target at $76,500.