Bitcoin Breakout Could Send Price Back to $82,000

Bitcoin's price has been under pressure in recent weeks, shedding over 22% of its value over the past month. The largest cryptocurrency by market capitalization is currently trading below a descending trendline, with sellers maintaining control unless the price can reclaim key resistance levels.

The 4-hour chart shows Bitcoin's price action moving inside a bearish structure, with lower highs and lower lows forming under a descending resistance line since the swing high above $82,800 in May. The rejection from this high has pushed Bitcoin below a weak low/liquidity sweep at $66,000.

According to technical analysis, breaking above key resistance levels could send Bitcoin's price back into its May high of $82,000. However, this would depend on the cryptocurrency reclaiming important support and resistance levels, including the descending trendline around $71,495.