Bitcoin Breaks Key Resistance Amid Strong Daily Advance
The Bitcoin price has reclaimed its 50-week moving average after a strong daily advance. The current price is near $81,041, and a weekly close above $82,814 would create the first higher high of the decline.
This move places the $82,000 to $83,000 resistance zone within immediate reach. Scott Melker identifies $82,814 as the decisive level for the weekly structure, which if broken would confirm strength above the long-term average and challenge the sequence of lower highs and lower lows.
The 50-week moving average has historically been a key indicator in previous bear markets, with weekly closes often staying below it until those downtrends approached their final stages. A sustained recovery would not guarantee further gains but would alter the market structure monitored by technical traders.
BTC liquidations totaled approximately $229.56 million, including $214.81 million in shorts and only $14.74 million in longs. The imbalance shows that bearish traders absorbed most of the forced losses during the rally.