Bitcoin's $81K Resistance Level Put to the Test
Bitcoin is testing its $81,000 resistance level as traders assess whether its recovery can become a reversal. Ash Crypto identified this level as the key test in the current cycle, pointing out that it has previously separated bull-market phases from declines.
A sustained break above this level would provide stronger confirmation than a move, Ash Crypto argued. The 50-week moving average near $81,000 has been a significant resistance point for Bitcoin, and its breach could have far-reaching implications for the market.
Bitcoin's drawdown of around 54% during the current cycle is below the declines seen in previous cycles, but this does not necessarily mean that the trend has flipped. Rebounds can occur within corrective phases, and momentum indicators are improving.
The MACD, RSI, and Stoch RSI have turned positive, which Ash Crypto considers an early bullish signal. However, price behavior around $81,000 remains the key test for Bitcoin's recovery attempt.