Bitcoin rebounds above $84K after the crash, but one signal still looks wrong
Bitcoin recovered above $84,000 on Monday, rebounding from a sharp correction that briefly pushed its price below $81,000 last week.
Ethereum and $XRP also regained ground, reclaiming $2,500 and $1.40. The recovery lifted the three major cryptocurrencies, although Bitcoin’s momentum indicators suggest the rebound has yet to develop into a decisive breakout.
However, substantial withdrawals from US spot Bitcoin exchange-traded funds and elevated Treasury yields continued to temper optimism. Analysts said Bitcoin’s ability to hold $82,000 would be important in limiting the risk of another decline.
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Crypto rallies following Russian Diesel agreement
The rally comes after President Donald Trump’s Friday announcement of an agreement for Russia to supply 300,000 metric tons of diesel fuel to domestic and international markets.
The arrangement represents a partial easing of US sanctions on Russian oil imports. Trump also claimed that Russia and Ukraine had agreed to an immediate ceasefire covering attacks on energy infrastructure.
Ukrainian officials said they had not been consulted, however, and Russian strikes on Ukraine’s energy grid have continued.
Those developments leave uncertainty around the claimed agreement despite the pullback in oil prices.
Meanwhile, US-listed spot Bitcoin ETFs posted $681 million in net outflows last week, their largest weekly withdrawal total since June, according to SoSoValue.
The global economic backdrop remained challenging. US Treasury yields reached 24-year highs during the week ending October 9, adding to the pressure on risk appetite.
Bitcoin holds above key moving averages
Bitcoin traded at $84,110, maintaining a constructive technical structure above its major daily exponential moving averages.
The 50-day EMA stands at $80,195, while the 100-day and 200-day EMAs sit at $76,411 and $75,744.
Holding above those levels suggests the recent pullback has not erased the broader uptrend. However, continued support from buyers will be needed to sustain the recovery and challenge overhead resistance.
Ethereum’s return above $2,500 and $XRP’s move above $1.40 also point to stabilization following last week’s losses.
Bitcoin’s Relative Strength Index is near 55, above the neutral midpoint without indicating overbought conditions.
That reading suggests moderate buying momentum and leaves room for further gains if demand strengthens.
The Moving Average Convergence Divergence indicator remains below zero, however, signaling that the rebound is still working through earlier weakness.
Together, the indicators support a cautiously constructive outlook while stopping short of confirming a strong momentum breakout.
The next major resistance level is the horizontal barrier at $85,000. A daily close above that level would strengthen the case for a continuation of Bitcoin’s uptrend. Failure to clear it could leave the price consolidating as buyers and sellers reassess the recovery.
On the downside, the 50-day EMA at $80,195 provides the first significant dynamic support reference.
A deeper decline would bring the 100-day EMA at $76,411 and the 200-day EMA at $75,744 into focus. Below that support band, the analysis identifies more distant horizontal levels at $66,500 and $62,300.
For now, Bitcoin’s position above its major moving averages supports the broader bullish structure, while $85,000 remains the key near-term hurdle.
