Bitcoin hovered near $81,000 on Oct. 16 as its price tested the 50-day moving average. Analysts pointed to a bearish daily structure, while Glassnode and Rand Group flagged signals of a possible local bottom.
Bitcoin traded near $81,400 on Oct. 16 after rebounding from a weekly low of $79,800. Its recovery depends on holding the 50-day moving average and breaking a pattern of lower highs.
The daily chart placed that average at $81,279, after Bitcoin slipped below $80,000 this week. Holding it would preserve a nearby base for another attempt at $82,000, while a sustained break below it would put the $79,800 low back in focus.
Trader says $84,200 must break first
Trader Ardi said in an Oct. 16 X post that $84,200 is the level Bitcoin needs to clear to break the local bearish structure. Following September's advance toward $87,000, successive recovery attempts have stalled below the previous peaks.
Analyst Jesse Olson took a similar view in an Oct. 16 post. According to Olson: "BTC remains bearish on the daily chart."
Weekly momentum looks firmer
The weekly chart offers a less bearish picture. The relative strength index stood at 56.39, above the neutral 50 level.
Meanwhile, CoinGlass's one-week liquidation heatmap showed its brightest overhead concentration around $84,300–$84,700, just above Ardi's breakout threshold.
Analysts flag a possible local floor
Bitcoin lost the $82,000 threshold on Friday amid rising oil prices and a sell-off in tech stocks. Even so, Glassnode observed that sellers capitulated again Thursday, and it suggested that if the pattern holds, selling just above $80,000 could mark the local price floor.
Liquidations also cooled. Coinglass data showed total liquidations across the crypto market fell to $290 million, compared with $929 million a day earlier.
Bitcoin's immediate test remains the $81,279 average and the $79,800 weekly low.
Sources: crypto.news, Bitcoin News
Trading involves risk.
Risk Disclaimer
