November 7, 20261 min read0 views

Bitcoin’s 7.25% Rebound Reverses at $81,000 Resistance

Bitcoin (BTC) rose 7.25%, or about $5,500, from Wednesday’s low to $81,000 before reversing at that resistance, leaving the rebound below a recent $87,000 local high.

Since the $87,000 local high, Bitcoin has formed lower highs, while the broader rally has continued to post higher lows.

On the weekly chart, $75,000 appears as horizontal support, and closing…

Reading Level🟢BeginnerNo prior crypto knowledge needed

Listen to this article

Bitcoin (BTC) rose 7.25%, or about $5,500, from Wednesday’s low to $81,000 before reversing at that resistance, leaving the rebound below a recent $87,000 local high.

Since the $87,000 local high, Bitcoin has formed lower highs, while the broader rally has continued to post higher lows.

On the weekly chart, $75,000 appears as horizontal support, and closing candle bodies sit near $77,000. The 50-week simple moving average also provided support during the previous bull market.

The price action follows a recent test of Bitcoin support at the lower edge of a parallel channel.