Bitcoin Shatters $82K Resistance at Record Pace

Bitcoin has broken above its key resistance level at $82,000, a price point that had previously capped its growth multiple times. The cryptocurrency is currently trading around $86,000.

The 50-week moving average (MA) of Bitcoin, which sits near $78,200, $78,800, has historically played a significant role in determining the direction of the market. By breaking above this level, Bitcoin has removed a major overhead supply zone and potentially flipped a former resistance into support.

However, it's essential to note that if Bitcoin were to close below the 50-week MA again, it would weaken its thesis and put pressure on the current price action.