Bitcoin is again under downward pressure as traders watch whether it can defend the $80,000 level, blockchain media outlet Decrypt reported on Oct. 26 (local time).

More than $80 million in buy orders are stacked in the $78,000 to $79,000 range, but the market sees it as difficult to guarantee a rebound on that demand alone.

Analyst Ted Pillows named the band as the next key support. Still, he said a concentration of buy orders does not immediately lead to a price rebound. He noted that bitcoin briefly bounced after orders around $80,000 were filled the previous day, but selling pressure later revived.

Bitcoin at one point fell to $79,278 on Oct. 26 before rebounding to $80,291. Even so, it is down about 5 percent over the past month. It has also extended a weekly decline for three straight weeks. Pillows warned that the risk of further losses could increase if the weekly close ends below $80,000.

In the market, the nature of liquidity stacked in the $78,000 to $79,000 zone is also seen as a variable. Orders waiting on multiple trading platforms, including Binance and Bybit, are read as support, but a significant portion comes from derivatives-market orders rather than spot buying. Futures orders may not directly translate into real bitcoin buying demand. Since orders can be cancelled before they are filled, it is hard to confirm whether visible liquidity alone can absorb selling.

In the end, the key is spot demand. The market sees it as difficult for bitcoin to hold the current price range even with many resting orders unless buying strengthens. Some also judge that bitcoin's direction depends on whether buyers can defend $80,000 while absorbing selling pressure.

Funds moving between exchanges and stablecoin liquidity were also cited as bearish signals. CryptoQuant analyst R3N said bitcoin transfers between exchanges have sharply declined compared with prior market cycles. This is interpreted as meaning that circulation of funds between exchanges has slowed.

CryptoQuant contributor CryptoOnchain said stablecoin reserves on exchanges fell to $60.62 billion as of Oct. 24. That is the lowest level in the past 12 months. Net inflows across all exchanges also turned negative, and the seven-day average net outflow was tallied at $93.9 million. It means stablecoin liquidity that could be deployed for trading has declined.

Another sign emerged that U.S. spot demand is weaker than in other markets. CryptoOnchain reported that the Coinbase premium index is negative. That means demand from U.S. investors is not sufficiently strong. With these trends overlapping, some pointed out that bitcoin has been unable to hold steadily above $80,000.

The key question is whether liquidity concentrated at $78,000 to $79,000 leads to actual buying. If spot demand does not revive, bitcoin will struggle to escape the possibility of renewed exposure to further declines.