Bitcoin tested the $82,000 level after the , but sellers pushed the price lower soon after. The zone has rejected Bitcoin since last week, making it a key level for traders.
The $82,000 area also carries technical weight. The 200-day simple moving average and the 200-day exponential moving average are close to this level. Therefore, a clear move above it could give bulls more control.
Analyst Sykodelic said Bitcoin must break and hold the level to continue higher. “If Bitcoin is going to go higher, it should really break above the 200 EMA now at $82,000 and hold it,” the analyst said.
However, the analyst also raised doubt over the rally. “Reject again here and I think we will get a deeper retrace, $74k – $77k levels,” Sykodelic added.