Bitcoin Faces Pivotal Test Around $80,350 Resistance Zone
Bitcoin's price movement is being closely watched as it approaches a pivotal technical test. According to trader Kaz, there are two possible scenarios: one that points to a rebound from $78,000 toward $83,000-$84,000 and another that shows the 50-week moving average as the next major hurdle.
The 50-week SMA sits around $80,347, making it a technically important resistance area. If Bitcoin can reclaim this level, it could strengthen the case for a broader trend move, but failure to do so would leave the market vulnerable to another retracement.
Kaz's short-term setup highlights a support zone around $78,000-$78,400, where buyers could step in after the latest decline. If Bitcoin holds this level and recovers through roughly $79,200-$80,000, it would be an early sign that buyers are regaining control.
The bullish case depends on $78,000 holding, but if it breaks below the highlighted zone, it would weaken the expected rebound and raise the risk of a deeper correction. In the longer term, Kaz also expects Bitcoin could eventually trade toward $74,000-$75,000 around late September or October during what he described as a reversal pivot.