Key facts
- Bitcoin is trading near the $81,603 resistance level.
- The 50-day EMA is at $80,407, and the 200-day EMA is at $75,759.
- ADX indicates a weak trend, with sellers leading buyers.
- RSI is at 48.9, neutral with a slight seller lean.
- Traders on Myriad predict a 43% chance of BTC falling to $77,500.
Bitcoin rebounded above $80,000 on Friday, recovering from a dip below that level on Thursday for the first time in over a month. Other cryptocurrencies also saw gains, with Zcash jumping 10.29%, Ethereum rising 4.17%, and Solana up 3.02%. The market is experiencing a bounce after a week of declines, with Thursday's slide triggering $948 million in liquidations, predominantly affecting long positions.
Technical analysis indicates Bitcoin is currently hugging the $81,603 resistance level. The 50-day exponential moving average (EMA) is at $80,407, while the 200-day EMA sits at $75,759, suggesting a generally bullish long-term trend. The Average Directional Index (ADX) reading of 25.5 indicates a weak trend, with sellers currently leading buyers. The Relative Strength Index (RSI) is at 48.9, signaling a neutral momentum with a slight lean towards sellers.
On the prediction market Myriad, traders have lowered the odds of Bitcoin hitting $87,500 in October to 31%, while increasing the chance of a fall to $77,500 to 43%. A bullish scenario requires Bitcoin to hold $81,603 and break above $84,246, while a bearish scenario begins with a close below $81,603, targeting levels around $75,759.