Bitcoin is trading at $82,295, up 1.28% in 24 hours, after Thursday's first slide below $80,000 in more than a month. The crypto market is rebounding today after declining for most of the week. Ethereum gained 4.17% to $2,473.17. Solana rose 3.02%. XRP added 2.03%.
Zcash led gains among the 15 largest coins, jumping 10.29% to $1,222.02 and lifting Zcash's market capitalization to $20.67 billion. The gain roughly erased Zcash's almost 10% loss on Thursday. CoinGlass data shows Thursday's market drop triggered $948 million in liquidations, with longs accounting for 90.6%. Liquidations forcibly close leveraged trades after losses exhaust collateral, and liquidating bets on rising prices reinforces selling pressure.
Bitcoin is trading near an important daily-chart resistance level of $81,603, drawn between a major low and high to estimate where pullbacks attract buyers. Thursday's intraday low of $79,711 fell below that level and the 50-day exponential moving average, currently at $80,407. The exponential moving average gives greater weight to recent prices. The 200-day exponential moving average stands at $75,759, about 8% below the current price. The 50-day average remains above the 200-day average, indicating that the long-term trend remains bullish.
The Average Directional Index, which measures trend strength rather than direction, stands at 25.5, barely above the trend-confirmation threshold of 25. The negative directional indicator leads the positive directional indicator, showing sellers ahead of buyers. The Relative Strength Index stands at 48.9, indicating neutral momentum with a slight bias toward sellers. The index ranges from 0 to 100, with 70 indicating overbought conditions and 30 indicating oversold conditions.
Traders on Myriad, a prediction market built by Decrypt's parent company Dastan, assign a 31% probability to Bitcoin reaching $87,500 in October. That probability has fallen from 45% on Tuesday. Traders in a separate Myriad market assign a 43% probability to Bitcoin falling to $77,500.
The bullish scenario requires buyers to defend $81,603 and secure a close above $84,246. That close would open the way toward $85,301, $86,644 and the $87,423 high, ideally with a rising Average Directional Index confirming the trend. The sideways scenario keeps Bitcoin between the $80,365 swing low and $84,246. The bearish scenario begins with a daily close below $81,603, bringing $80,407 and $80,365 into consideration as downside levels. Further downside levels are $78,003 and the $75,759 to $75,093 zone, where the 200-day exponential moving average meets the 50% retracement.
Bitcoin Bounces to $82,295 Amid Market Rebound
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Summary
Bitcoin price today hit $82,295, up 1.28% in 24 hours, after falling below $80,000 earlier this week. Ethereum rose 4.17% to $2,473.17, while Zcash jumped 10.29% to $1,222.02. Thursday saw $948 million in liquidations, with 90.6% from long positions. Bitcoin is near $81,603 resistance, with mixed technical signals. Myriad traders give Bitcoin price prediction a 31% chance to hit $87,500 in October and 43% to drop to $77,500.
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