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Bitcoin fell below $80,000 on Thursday, breaking that level for the first time in over a month before rebounding.
Altcoins also performed better today: Zcash rose by 10.29%, Ethereum rose by 4.17%, and Solana rose by 3.02%.
Where will the crypto market go from here? The following is what the current charts show.
Bitcoin is currently trading at $82,295, up 1.28% in 24 hours. Previously on Thursday, it fell below $80,000 for the first time in over a month. Ethereum has risen by 4.17% to $2,473.17, Solana has risen by 3.02%, and XRP has risen by 2.03%.
Zcash is one of the top 15 largest cryptocurrencies by market value, with its price rising by 10.29% to $1,222.02, and its market value increasing to $20.67 billion, almost wiping out the nearly 10% decline on Thursday.
Overall, the market is rebounding today, whereas it has been moving in the opposite direction for most of this week.
According to CoinGlass data, the decline on Thursday triggered $948 million in liquidations, of which 90.6% came from long positions. A liquidation refers to the forced closing of a position due to the depletion of collateral after trading with borrowed funds; long positions involve betting on price increases, so selling such positions can create a self-reinforcing effect.
On the daily chart, Bitcoin is closely hovering around the important resistance level of $81,603. Traders typically draw this level between a major low and high to estimate where buying orders might appear during a pullback. On Thursday, the price's lower shadow briefly touched $79,711, falling below that level as well as the 50-day exponential moving average ( EMA ), which carries more weight in recent price movements and is currently at $80,407.
On the prediction market Myriad launched by Decrypt's parent company Dastan, traders believe that the probability of Bitcoin reaching a high of $87,500 in October is 31%, which is lower than the 45% from Tuesday. In another market, Myriad, traders now think that the probability of BTC falling to $77,500 is 43%.
For a bullish scenario, buyers need to hold above $81,603 and close above $84,246. This would open the way for highs of $85,301, $86,644, and $87,423; it would be ideal if there is also an ongoing rise of ADX as confirmation.
In a sideways market scenario, Bitcoin is expected to trade between the low of $80,365 and $84,246. In a bearish scenario, the daily closes would start below $81,603; at that point, $80,407 and $80,365 would come into view, followed by $78,003, as well as the range from $75,759 to $75,093, which is where the 200-day EMA moving average intersects with the 50% retracement level.
Disclaimer
The views and opinions expressed by the author are for reference only and do not constitute financial, investment, or other advice.
