Bitcoin Bulls Eye Higher High as Resistance at $80K Looms Large

Bitcoin's price rebounded to above $81,000 on Tuesday after a sharp rejection around the $80,000 level a day earlier. The key psychological threshold has emerged as a major test for the cryptocurrency.

The rejection on Monday sent Bitcoin down roughly $1,500, with the price falling below the $79,500 support level before finding a local bottom above $78,400. Market analyst James Stanley noted that Bitcoin had moved sharply toward the level before snapping back.

Notably, Bitcoin is now only about $2,000 away from making its first higher high, which could be a substantial technical win for the bulls. Two large traders closed Bitcoin longs after holding them for nearly two months, locking in approximately $11.6 million in profits.