Bitcoin Eyes $82K Resistance: Is the Rally Resuming?

After a dip of around 5.5% the Bitcoin price looks as though it has turned around and may be heading back to the key $82K horizontal resistance level. Can it break through this time, or does another rejection await?

Small breakout taking place

Source: TradingView

The 4-hour time frame chart illustrates the rising channel with the $BTC price chopping around inside. Right now the price looks to be attempting to break out beyond the small descending trendline. If there is a similar result to the previous small time trend breakout, the price could rocket higher.

Could the key overhead resistance be broken this time? Possibly. That said, this is a strong resistance level, which also aligns with the top trendline of the rising channel. 

Nevertheless, if the $BTC price can rise back to the resistance and then keep tapping against it, eventually it will break. It may be that the price has to come back down again, but if it can stay in the range between $79,500 and $82,350 it will be close enough to the top of the range to be able to break through.

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