Bitcoin (BTC) was trading back below $80,000 on May 13 as market volatility returned.
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The largest cryptocurrency by market capitalization has run into new resistance at $82,000, say analysts. BTC is trading below its 200-day Simple Moving Average and its 200-day Exponential Moving Average. Together, those two technical levels form a resistance zone between $82,000 and $82,500.
Bitcoin must rise above that resistance to move into a long-term uptrend, say analysts. At the same time, Bitcoin and other cryptocurrencies are under pressure as the stock market turns volatile once again and shares slide lower. The VIX index, Wall Street’s “fear gauge”
While Bitcoin has risen from a February low of $60,000 U.S. and is back above $80,000 U.S., the crypto has run into strong resistance at $82,000 U.S.
The 128-day Moving Average for BTC currently sits at $75,700 U.S., representing the average price paid by buyers over that shorter timeframe and a level Bitcoin has defended.
Chart experts say that the majority of recent Bitcoin buyers are in profit on their holdings, which is a positive sign that generally leads to reduced selling.
However, the key zone to continue watching is whether BTC can break above $82,500 U.S. and continue its march higher.
Bitcoin is currently trading at $80,500 U.S., down 36% from an all-time high of just over $126,000 U.S. reached last October.