Bitcoin Price Faces Crucial Test at $83K as Bulls Push Recovery
Bitcoin price has rebounded by about 6% over the past 24 hours to trade near $81,300. This surge is attributed to a short squeeze and improving technical momentum, which have carried the price to its highest level in two weeks.
The rebound comes despite a week dominated by tighter monetary policy and uncertainty surrounding U.S. crypto legislation. The Federal Reserve's first interest-rate increase in three years and the failure of the CLARITY Act in the U.S. Senate had weighed on sentiment earlier in the week.
However, Bitcoin has managed to absorb these pressures, with a move through $82,000 potentially exposing additional liquidity near $82,500, $83,000. Analyst Ted Pillows believes that clearing $83,000 would confirm a market bottom and set the stage for a larger recovery.