Bitcoin Eyes Crucial Resistance at $82K as Breakout Looms
Bitcoin's price has been showing signs of recovery after dipping by around 5.5%.
The cryptocurrency appears to be heading back towards its key resistance level of $82K, a horizontal line that has proven to be a strong barrier for the price in the past.
A small breakout is taking place on the 4-hour time frame chart, with the price attempting to break out beyond a descending trendline. If this pattern repeats itself, the price could surge higher.
The daily time frame shows that Bitcoin's price has come close to making a crucial higher high, but was unable to surpass it by $500. Currently, the price is sitting on relatively strong support, which could set the stage for another rally back to the top of its channel and potentially breaking through the $82,825 horizontal resistance.
The Stochastic RSI indicators in this time frame are about to touch bottom, suggesting that a reversal is imminent. This could lead to strong upside price momentum when they pass the 20.00 level.