Bitcoin – Is the Short Term Top in Place?Bitcoin vs US DollarPEPPERSTONE:BTCUSDPepperstoneThe cryptocurrency market exploded back into life at the back end of August, taking Bitcoin quickly out of a drab summer trading range between 57699 (July 1st low) and 67258 (July 22nd high), adding 24% to its price in just 2 weeks in a move which achieved a 3 month high at 81554 before running into a wall of profit taking ahead of some important technical levels, more on this in the update below. Now, with the Bitcoin price back trading around 77500 again at the time of writing (0645 BST), as general risk sentiment cools at the start of September due to surging global yields, an escalation of the Iran conflict, alongside worries about inflation and the potential for a Fed rate hike in September, the question Bitcoin traders could be asking themselves is, where next for the world’s biggest cryptocurrency? Looking forward, much could depend on the assessment of the short-term technical outlook and how the price of Bitcoin performs when potentially important support or resistance levels are tested or even broken. Technical Update: Why 82827-83156 May Be a Key Resistance Focus: In true Bitcoin style, the last two weeks of August caught many traders off‑guard, as a sharp 30.5% rally developed from the August 14th low at 62458 up to the August 28th high of 81554. The sheer speed of this unwinding of bearish positioning left many traders racing to catch up. However, as the weekly chart above shows, the latest price strength has approached what may prove to be a key resistance zone between 82827-83156 (the May 2026 recovery high and the 38.2% retracement of the October 2025 to July 2026 decline). Potential Resistance Focus: In technical analysis, a last recovery high and failure point of a previous downtrend may often be monitored closely by traders as a key resistance level. For Bitcoin, the May 2026 high stands at 82827. The fact this point is also close to 83156 (38% retracement) adds to the potential importance of the 82827-83156 zone as a resistance focus. If Bitcoin is to attempt further upside, it could well be closes above 82827-83156 that are required to suggest it. As the above weekly chart shows, closing breaks above 82827-83156, could shift focus to 91,068 (50% Fibonacci retracement). Closes above 91,068, might open the way for moves toward 98,979 (61.8% Fibonacci level). Potential Support Focus: While the 82827-83156 resistance zone continues to cap prices a fresh sell‑off is still possible. In this scenario the focus for traders may shift to 76329 which is the September 1st low as the first key support level. Closes below 76329, while not guaranteeing further weakness, could lead to further declines. As the daily chart above shows, closes below 76329 could open potential for moves toward the next support at 74340 (38.2% retracement) and, if this level also gives way, on toward 72087 (50% retracement). The material provided here has not been prepared accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research, we will not seek to take any advantage before providing it to our clients. Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.