Analysts say Bitcoin (BTC) is waging a technical battle as it tries to break through new resistance at $82,000 U.S.
The largest cryptocurrency by market capitalization is currently trading below its 200-day Simple Moving Average at $82,455 U.S. and its 200-day Exponential Moving Average at $82,027 U.S.
Together, those two technical levels form a resistance zone around $82,000 U.S. to $82,500 U.S. Bitcoin must rise above that resistance to move into a long-term uptrend, say analysts.
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.
