Bitcoin bulls have one price level to defend
In this news:
Key takeaways
- Bitcoin recently hit a high above $87,400 before pulling back.
- The $82,000 to $83,000 zone acts as critical support for Bitcoin.
- Analysts are watching to see if buyers can defend the $82,000 price floor.
Bitcoin's rally has stalled, and a handful of analysts say one price level will decide whether the next move is up or down.
The world's largest cryptocurrency hit a high above $87,400 on Sept. 21. It has pulled back since, testing the $82,000 to $83,000 zone. That area matters. It's where bitcoin topped out in May before tumbling to about $57,000 in June.
Bitcoin is still trading close to that level. Most market watchers expect another leg higher soon, with some expecting a rally to $100,000.
But some analysts are keeping an eye on the bearish case, and it starts with a drop below $82,000.
In trading terms, $82,000 is support, a price floor where buying pressure is expected to overpower selling pressure. Old ceilings often turn into new floors. Bitcoin struggled to break above $82,000 in May and again in early September. Once it finally did, that level became the line buyers are expected to defend.
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