Bitcoin Rally Stalls at $83K as ETF Outflows Raise Concerns

Bitcoin rebounded over $2,000 on Monday from a Sunday low of $80,595 to peak above $83,000, dispelling fears of a “Black Monday” market crash. However, the rally lost momentum at $83,000 resistance, settling under $82,000 with a $1.64 trillion market cap. Bitcoin staged a recovery on Monday, gaining over $2,000 to peak just above $83,000 as a widely anticipated “Black Monday” market plunge failed to materialize. The rebound followed a sustained sell-off that dragged the cryptocurrency to a Sunday afternoon low of $80,595. However, daily price charts show that bitcoin quickly lost momentum after breaching the $83,000 resistance level. The asset initially appeared to find support above $82,500 before making another run at $83,000 around 5:35 a.m. EST.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.