Bitcoin's Technical Picture Turns Negative as Price Stalls Below Key Resistance Zone

Bitcoin's technical picture has taken a turn for the worse after buyers failed to push through a key resistance zone on the daily chart.

The zone, between $80,560 and $82,833, has repeatedly attracted sellers since August. When Bitcoin's price reached this area, it stalled and couldn't move higher, despite breaking above its 100-day and 200-day moving averages back in August 19.

This resistance zone is significant because it's a swing area defined by swing lows and highs going back to November 2025. Just above this zone lies another important target: the 38.2% retracement of the decline from the October 2025 high, which comes in at $83,916.

The 38.2% retracement is a crucial level for Bitcoin because it often marks the first major test of whether a rebound is developing into something more substantial. If buyers can't push through this level, the recovery remains nothing more than a correction within the broader decline.

On the hourly chart, today's price action has taken Bitcoin below its 200-hour moving average at $79,007, which by itself was bearish. The subsequent move higher and retest of the 200-hour moving average from below found willing sellers, further confirming the bearish bias.