Bitcoin's $82k Rejection Raises Concerns About Deeper Correction

Bitcoin's recent rally above $82k was short-lived as it encountered selling pressure around its 365-Day Moving Average, positioned at $82,268. This level has historically served as a key resistance point, and Thursday's rally stalled near this exact mark before BTC recorded a minor pullback.

A report from CryptoQuant noted that, historically, bull runs have begun once the 365DMA is breached, which raises concerns about the current market trend. The Apparent Demand metric, which tracks the difference between newly-mined BTC issuance and the change in supply inactive for over a year, showed less demand, reflecting stalling accumulation near key swing resistance levels.

The Coinbase Premium Index, which indicates increased demand from U.S.-based investors, briefly climbed into positive territory in late August but has since slumped. This disconnect between ETF capital inflows and broader demand indicators raises concerns about the sustainability of the current rally.