Bitcoin traded near $80,500 on Saturday, Oct. 24, with sellers controlling the shorter time frames. Most moving average readings lean bearish, but nine of 11 oscillators are neutral. Bulls need to reclaim $82,000 to challenge the bearish structure.
Bitcoin hovered around $80,500 on Saturday morning, near the bottom of its daily trading range. Shorter-term technical indicators kept flashing bearish warnings.
Around ten of 15 moving average readings favor the downside, while nine of 11 oscillators remain neutral. That leaves bitcoin between deteriorating price action and momentum indicators that have yet to confirm a more aggressive retreat.
Support sits near $80,350
A broader market snapshot placed the 24-hour low at $80,409, while Bitstamp logs identified approximately $80,351 as an intraday support reference. The gap shows no single universally confirmed floor.
On the four-hour chart, bitcoin retreated from approximately $84,843 toward $80,499, setting successive lower highs and lower lows. Sellers have therefore repeatedly interrupted recovery attempts.
Resistance stacks up from $81,500 to $84,000
The $81,500 to $82,000 region is the first substantial resistance barrier. On the daily chart, bitcoin is still contending with its earlier rejection near $87,374.
Indicators give a mixed read. The relative strength index (RSI) registered 43, and the average directional index measured just 17, pointing to limited trend strength.
Bitcoin also trades below its 10-period EMA at $81,860 and 20-period SMA at $82,528. However, the 100-period EMA at $77,526 and 200-period SMA at $72,899 remain beneath spot prices, preserving a longer-term positive foundation.
What a break would mean
A daily close beneath $80,000 would strengthen the case for a move toward $79,000 and potentially $78,000. Unless buyers recover $82,000, sellers retain the technical advantage.
Source: Bitcoin News
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