Bitcoin Defends $81K: Next Level to Watch

After reaching a recent high near $87,370, Bitcoin fell into the $81,100-$81,400 range. The decline slowed there because the area brought together the 23.6% Fibonacci retracement at $81,420, the rising 50-day simple moving average near $81,115 and the lower side of the ascending structure on the daily chart. Those overlapping references made the zone more important than a single horizontal price level. Bitcoin traded near $83,550 at the time of writing after falling as low as $80,950, showing that buyers responded before the pullback reached the next Fibonacci level.