- Bitcoin faces resistance at $82,500 despite a recent price breakout.
- A death cross has formed, signaling continued downward risk.
- Volume drops 35%, market cap holds steady at $1.63 trillion.
Bitcoin’s recent upward move has brought short-term momentum, yet significant resistance remains on higher time frames. Technical indicators and chart formations continue to reflect a cautious landscape for the asset’s near-term direction.
Technical Indicators Hints Persistent Downward Pressure
Even though there has been a reversal in the current trading sessions, the daily chart prepared by Ali Charts depicts a death cross formation, implying feebleness. This occurs when a shorter moving average which is the 50-day, crosses over a longer moving average which is the 200-day moving average, remains a popular bearish indicator among the market players.
At the moment, the 50-day moving average stands at $85,800, and the 200–day moving average is slightly higher at $87,000. The SuperTrend indicator maintains a “Sell” signal, aligning with ongoing resistance at the monthly open of $82,500. This level has acted as a cap on upward price attempts. Additionally, a descending trendline stemming from the all-time high is positioned near $84,000, adding to the overhead resistance cluster.
The confluence of these indicators and levels illustrates a fragile market structure. Although recent gains have provided some short-term relief, the broader chart formations emphasize caution. Market behavior near the $82,500–$87,000 zone may determine Bitcoin’s next directional move.
Bitcoin Hits $80K Amid Trendline Break and Strong Rebound
According to an analysis by Ali Charts, Bitcoin’s daily chart shows a sharp price jump. The asset opened at $76,298 and rallied to a high of $83,172 before closing at $83,294. Price action broke above a descending trendline stretching from early February through April.
The chart shows previous sell signals near $99,000 and $93,000, followed by a sharp decline below $80,000. A notable buy signal emerged near the $73,000 region, triggering a bullish bounce from the recent low.
The price has crossed above the Ichimoku cloud, which is often used to measure short-term trend direction. Volume data was not shown, but the strong bullish candle confirmed heavy buying momentum. The 200-day moving average is positioned just below the price, around the $80,000 mark.
At the time of press, CoinMarketCap data indicates that Bitcoin trades at a price value of $82,307.10, up by 0.37% over the last 24 hours. Market cap reads at $1.63 trillion, up 0.36% over the same period while volume is down 35.39% at $46.52 billion.
