Bitcoin Tests Bear-Market Trend as $80,000 Resistance Still in Place

Bitcoin's recent price surge has reached new highs since mid-May, but some traders remain cautious about its bear market recovery. The cryptocurrency closed last week at $77,727 on Bitstamp, reclaiming its 50-week exponential moving average (EMA) for the first time since November 2025.

This key resistance trendline currently sits at $77,752, and traders are keeping a close eye on whether Bitcoin can sustain these highs. Rekt Capital, a well-known crypto trader and analyst, warned that not only the 50-week EMA but also the entire area around $80,000 is resistance for bulls to overcome.

Bitcoin's price has been influenced by various factors, including the US Treasury's debt buyback purchases, which sparked a Bitcoin short squeeze and wiped out a record $3.1 billion of crypto short positions over two days. The upcoming Jackson Hole economic symposium will also be closely watched for insights into future interest-rate changes.

The July print of the Personal Consumption Expenditures (PCE) index, due to be released on Wednesday, is expected to show a 0.1% monthly increase and a year-on-year decrease to 3.6%. This data will likely impact market sentiment and influence investor decisions.