Bitcoin Price at Crossroads: $84.2K Breakout or $80K Drop?

The Bitcoin price traded near $81,000 on October 16 after rebounding from a weekly low of $79,800. BTC is testing its 50-day moving average for support. Trader Ardi identified $84,200 as the level needed to challenge the short-term bearish trend. BTC price has struggled to extend its rebound above $80,000. Since September’s advance toward $87,000, recovery attempts have formed lower highs. Crypto trader Ardi emphasized the chain of lower highs on an October 16 X post. He stated that buyers were yet to receive proof of the bullish reversal. “Until we break above $84.2K, you have to respect that the local swing structure remains bearish,” Ardi said. A breakout would make him think of buying BTC near the top of the range.

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