Bitcoin (BTC) price analysis: Bulls target $96,000 as buyers push the price above $82500

Bitcoin (BTC) is showing strength as buyers have pushed the price above $80,00, but higher levels are likely to attract solid selling from the bears.

Bitcoin (BTC) price rose sharply on April 9, testing the critical overhead resistance at $82,000. The cryptocurrency faced a crucial test at the 20-day exponential moving average (EMA) and the RSI was approaching the midpoint, which could impact the near-term trend.

At press time, BTC/USDT was trading at around $81,400.

Bitcoin faces resistance, but a break could open the door for further gains

Bitcoin price recovered from the support at $73,777 and reached the resistance line of the symmetrical triangle pattern, a critical level to watch out for in the near term.

The 20-day EMA at $82,435 is turning down, but the RSI has risen close to the midpoint, indicating that the bearish momentum is weakening. The BTC/USDT pair is expected to face intense selling at the resistance level, but if the bulls prevail, the rally could reach $89,000 and then $95,000.

Sellers are likely to have other plans. They will try to defend the resistance level and pull the price below the immediate support at $78,500. If they manage to do that, the pair could retest the vital support at $73,777.

The US-listed spot Bitcoin exchange-traded funds continued to see outflows on April 9 and 10, according to Farside Investors data.

The products saw outflows of $300 million on April 9, extending the total outflows from the past seven days to $1.16 billion. The outflows on April 10 came in at $100 million.

The outflows began on April 3, when the products saw outflows of $640 million, the largest since November 2022.

The outflows from the US-listed spot Bitcoin exchange-traded funds have come as Bitcoin price hovers around the $80,000 mark, with the flagship cryptocurrency struggling to break above the $82,000 resistance.

The post Bitcoin faces crucial test at $82K, will altcoins continue to rise? appeared first on Chain Snapshot.