Bitcoin Shows Resilience as It Stays Above $80,000 After Pullback — Market Talk

Bitcoin has pulled back significantly since reaching a near eight-month high last week but is showing some resilience as it remains above support at $80,000, Trade Nation's David Morrison says in a note. Bitcoin spent much of the summer in an extended period of consolidation, he says. This helped the cryptocurrency to build sufficient upside momentum, which wiped out short positions betting on it to fall and provided a basis for fresh buying, he says. "If it can hold and consolidate above $80,000 then this would help to build bullish sentiment." Bitcoin falls 1.2% to $83,522 after earlier hitting a one-week low of $82,516, LSEG data show. Last Monday it reached $87,315, its highest level since late January. ([email protected])