Bitcoin Faces Key Test at $82,850 After Pullback From $87,000
- —Bitcoin fell from $87,000 to $83,500 in a single day
- —$82,850 marks May's peak and the year's opening price
- —A weekly close above $82,850 would be the first higher high since October
- —Short-term holders' average cost basis has overtaken that of long-term holders
Why it matters: Holding $82,850 would confirm a trend reversal to the upside; a breakdown would invalidate the rally and open the door to further losses.
Source: Newsbit