Add as a preferred source on GoogleBitcoin’s 7.25% Rebound Reverses at $81,000 Resistance
Bitcoin climbed about $5,500 from Wednesday’s low before reversing. The weekly chart shows support near $75,000 and closing candle bodies around $77,000.
Bitcoin (BTC) rose 7.25%, or about $5,500, from Wednesday’s low to $81,000 before reversing at that resistance, leaving the rebound below a recent $87,000 local high.
Since the $87,000 local high, Bitcoin has formed lower highs, while the broader rally has continued to post higher lows.
On the weekly chart, $75,000 appears as horizontal support, and closing candle bodies sit near $77,000. The 50-week simple moving average also provided support during the previous bull market.
The price action follows a recent test of Bitcoin support at the lower edge of a parallel channel.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.