Analysis: Bitcoin's moving average alignment still maintains a bearish structure, with the key resistance level at $83,200, corresponding to SMA365

BlockBeats News, August 25th, CryptoQuant analyst Axel Adler Jr. stated that Bitcoin reclaimed the short-term holder cost basis at around $68,200 after a pullback. At the same time, the price broke above the SMA200 (200-day Simple Moving Average) of around $69,000 and the SMA111 of around $67,500 with increased volume. Many of the short-term holders who bought recently are back in profit, alleviating the selling pressure from holders who were at a loss.

However, the Bitcoin moving average alignment still maintains a bearish structure, with the SMA111 below the SMA200, and both below the SMA365 of around $83,200. This indicates that the current strong recovery is only a short-term bounce, not a confirmation of a broader trend reversal.

The most critical resistance above is at $83,200, corresponding to the SMA365. If the price is rejected at this level and falls back, the existing bearish structure will be maintained. If the price can effectively rise above this level, it may provide the first serious evidence of a trend reversal. The key support below is in the range of $67,000 to $69,000, which includes the short-term holder cost basis and the SMA111/SMA200 cluster. As long as the retracement holds above this area, with short-term holders in profit and the price above the moving averages, the market structure still has upward potential. If this range is breached, the downside risk will resume. The current market status is leaning positive but has not fully entered a high-risk appetite mode yet.