Bitcoin Bounces, But Where Does It Go Next? Here’s What the Charts Say

In brief

• Bitcoin has bounced after a Thursday dip brought it under $80,000 for the first time in over a month.
• Alts are having a better day as well: Zcash jumped 10.29%, Ethereum rose 4.17%, and Solana is up 3.02%.
• Where does the crypto market go next? Here's what the charts are saying right now.

Bitcoin is trading at $82,295, up 1.28% in 24 hours, after a Thursday slide below $80,000, its first dip under that level in more than a month. Ethereum gained 4.17% to $2,473.17, Solana rose 3.02%, and XRP added 2.03%.

Zcash is the strongest of the top 15 largest coins, jumping 10.29% to $1,222.02, lifting its market cap to $20.67 billion, and roughly erasing the almost 10% it lost on Thursday.

In general, the market is bouncing today after spending most of the week heading in the other direction.

Thursday's drop triggered $948 million in liquidations, 90.6% of them longs, per CoinGlass data. A liquidation is the forced closing of a trade placed with borrowed money after losses wipe out the collateral, and a long is a bet on rising prices, so the selling feeds on itself.

On the daily chart, Bitcoin hugs an important resistance market of $81,603, a level traders draw between a major low and high to estimate where pullbacks find buyers. Thursday's wick to $79,711 dipped under it and under the 50-day exponential moving average, or EMA, a line weighting recent prices more heavily, now at $80,407.