Bitcoin has moved back above the 50-week moving average, seen as a key market benchmark, blockchain outlet U.Today reported on Sept. 3 local time.

Bitcoin rose to $81,797 on the daily chart before easing slightly. It recently traded around $81,400. Its 24-hour gain topped 5 percent.

The focus is not just a short-term rebound but whether the 50-week moving average is reclaimed. Galaxy Research said all eyes in the market are now on the 50-week moving average. The level is a price zone where Bitcoin spent a significant period below it over the past year and acted as strong resistance during the recent downturn.

Galaxy Research put the 50-week simple moving average at around $81,041. Bitcoin already rose to $81,265 on Aug. 25 in an attempt to break higher, but it met resistance near the 50-week moving average, which was about $81,085 at the time, and fell back. This time, it differs in that the daily candle showed a strong move through the zone. The market is now watching whether this week’s weekly close will be formed above the line.

The 50-week moving average has been regarded as a kind of ceiling in bear markets. In past bear markets, Bitcoin’s weekly close generally stayed below this level, and a sustained move above it often appeared only when the end of the bear market was near. This time as well, whether it holds above the level at the weekly close is increasingly likely to become a yardstick for judging the next trend.

Along with the price move, the derivatives market is also heating up quickly. Bitcoin’s 24-hour futures trading volume was about $84.74 billion, according to CoinGlass data. Open interest rose to about $57.86 billion. That suggests a significant amount of leverage is building in the market.

Liquidations also increased. Bitcoin position liquidations over the past 24 hours were estimated at about $229.56 million. Of that, short liquidations accounted for most at about $214.81 million, while long liquidations were about $14.74 million. A wave of short positions was closed out during the rise, helping power the rebound.

The market’s next point of attention is the $82,000 to $83,000 resistance zone. Whether Bitcoin can keep its weekly close above the 50-week moving average and extend gains to that area, or face resistance and fall back, has emerged as a factor that could shape the short-term move.