Bitcoin Bounces, But Where Does It Go Next? Here’s What the Charts Say — SkimNews
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- Bitcoin bounced 1.28% to $82,295 after Thursday's slide below $80,000 — its first dip under that level in over a month — with the wick reaching $79,711.
- Zcash led major altcoins with a 10.29% jump to $1,222.02, lifting its market cap to $20.67 billion and roughly erasing Thursday's 10% loss; Ethereum rose 4.17% to $2,473.17, Solana gained 3.02%, and XRP added 2.03%.
- Thursday's drop triggered $948 million in liquidations, 90.6% of them longs, per CoinGlass data, as forced selling compounded the slide.
- Technical indicators show Bitcoin testing resistance at $81,603, with the 50-day EMA at $80,407 and the 200-day EMA at $75,759 (about 8% below current price); the 50-day sitting above the 200-day keeps the long-term trend bullish.
- Momentum gauges read neutral-to-bearish: RSI is at 48.9 with a slight seller lean, and ADX at 25.5 shows sellers (DI-) leading buyers (DI+).
- Myriad prediction markets price a 31% chance Bitcoin hits $87,500 in October (down from 45% on Tuesday) and a 43% chance BTC falls to $77,500.
- The bearish scenario requires a daily close below $81,603, putting $80,407 and $80,365 in play, then $78,003 and the $75,759–$75,093 zone where the 200-day EMA meets the 50% retracement.
Why it matters: Leveraged long traders absorbed roughly $859 million of Thursday's $948 million liquidation cascade, and Bitcoin now sits at a technical pivot: holding $81,603 opens a path to $87,500, while a daily close below it exposes the 200-day EMA at $75,759 — about 8% lower — testing whether the broader uptrend holds. Myriad's drop from 45% to 31% odds on an October high shows prediction-market traders losing conviction in a near-term recovery.
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