Cryptocurrency Traders Look to Clear May's High — Market Talk

Bitcoin managed to go above $80,000 recently, but encountered friction from there. Bret Kenwell of eToro pegs the new bitcoin resistance level at $82,500, which would be the highest bitcoin has traded since May. But if bitcoin retreats, it shouldn't fall back to the sub-$60k level from earlier this summer, says Kenwell. "On the downside, they'll want the $67K-$70K area to hold as support, keeping BTC above recent resistance and its 50-day and 200-day moving averages," he says. Bitcoin is down 0.3% to $77,184, while other major cryptocurrencies like ethereum turn lower.([email protected])