Bitcoin Attempts Bullish Reversal: Can It Reach $82K?

Bitcoin is currently navigating a critical price phase, testing significant resistance levels. The cryptocurrency has experienced a bounce back after hitting the demand zone between $80K and $83K. However, it now finds itself at a decisive point, facing resistance between $91K and $93K. This key area may serve as a make-or-break zone for Bitcoin’s future trajectory.

Current Market Overview

Despite this recent rebound, the overall trend indicates a bearish sentiment. Bitcoin continues to operate within a descending channel, with the 100-day and 200-day moving averages acting as dynamic resistance levels above the current market price. The broader picture remains troubling, with the price under these averages leaning towards a downtrend.

Technical Analysis

On the daily chart, the latest push from the $80K–$83K zone has been the most significant buyback seen in the past month. Yet, any advances towards the $91K–$93K resistance have exhibited weakening momentum. Until Bitcoin can break the descending trendline and reclaim the $103K–$106K range, the bearish order flow persists.

Resistance and Key Levels

The four-hour chart shows that Bitcoin has hit another critical resistance range, particularly around $92K. If this resistance holds, a pullback towards the $86K–$88K area is likely. The strongest support remains at the $80K–$83K range.

A daily close beyond the $93K mark, however, could pave the way for Bitcoin to engage with the $102K–$106K inefficiency zone. This would denote a substantial upwards movement if sustained.

On-chain Resistance Insights

On-chain analysis reveals a deeper layer of resistance above the $92K mark, primarily driven by the average cost basis of market participants. Key cohorts of investors have their average price converging around $96K–$97K. This range represents critical sell pressure, as many buyers are likely to exit at breakeven when prices hit their average cost basis.

• 1-week to 1-month cohort: Recent buyers likely looking to mitigate losses.
• 6-month to 12-month cohort: Medium-term holders entering earlier this year.

Both groups’ realized prices form a significant resistance block. If Bitcoin manages to surpass the technical resistance at $92K, it is still anticipated to confront significant barriers near $96K–$97K due to the combined anxiety of short-term traders and medium-term holders eager to exit.

Future Outlook

The upcoming weeks will be crucial for Bitcoin’s trajectory. Investors and traders are closely watching whether the cryptocurrency can sustain its current bounce or whether it will slip back into the broader bearish trend. A decisive close above the $97K level would signal absorption of potential selling pressure and may indicate a readiness for more substantial upward movements.