#TradingAnalysis101 Bitcoin (BTC) recovers to $80,000 level, but continues to fall and put pressure on the cryptocurrency market.
Last night (10), bitcoin tested dangerous support levels, falling to US$ 76 thousand and approaching US$ 75 thousand. (Image: Pixabay))
Bitcoin (BTC) has recovered from the psychological level of US$ 80,000, trading above US$ 81,000 this Tuesday (11). Cryptocurrency market prices remain under pressure, despite it being a day of recovery for the traditional market .
This is because last night (10) bitcoin tested dangerous support levels, falling to US$ 76 thousand and approaching US$ 75 thousand. Understand more here.
However, the world's largest cryptocurrency recovered some of its losses while it was still early morning in Brazil. This partial recovery puts bitcoin closer to the upper resistance level at $83,000 than the lower support level at $75,000, according to Rafael Bonventi , an analyst at Bitget .
“On the resistance side, the level that needs to be broken to change the bearish structure is $83,557, with minor resistance zones serving as short-term hurdles,” he comments.