Sellers have pulled Bitcoin back below the $79,000 level, but buying may emerge as the price nears the $76,000 support.
Key points:
Bitcoin’s (BTC) recovery above $82,000 on Thursday was short-lived, as bears sold at higher levels and pulled the price back to the $79,000 level. Glassnode said in its Week On-chain report that several investors bought BTC between November 2025 and February near the $86,900 level. These holders may sell near their entry price after experiencing large drawdowns, creating a barrier for BTC’s continued rally.
Another negative view came from crypto analytics firm CryptoQuant, which said in a recent report that BTC has hit its major resistance at the 200-day moving average near $82,400. In 2022, BTC had resumed its downtrend after failing to cross above the 200-day SMA. BTC may get into trouble if history repeats itself.
