Soviets has won the previous 4 gold medals, going 27-1-1 in that span, and were heavy gold medal favorites again in 1980. They had beaten the Americans easily in NYC in a pre-Olympic exhibition by a 10-3 score.

The Americans had an average age of 21, the youngest team in the tournament and the youngest US Olympic hockey team ever, but had surprised thus far by beating Czechoslovakia and tying Sweden.

https://www.youtube.com/watch?v=qSkc6c35A4Q