Bitcoin has climbed back above the $82,000 level after slipping below $80,000, but its short-term direction remains unclear.

On Oct. 16 (local time), blockchain media outlet Decrypt reported that bitcoin was trading at $82,295, up 1.28 percent over the past 24 hours.

The rebound followed a sharp drop the previous day. Bitcoin fell below $80,000 intraday on Oct. 15, breaking that level for the first time in about a month. Ether rose 4.17 percent to $2,473.17, Solana gained 3.02 percent and XRP climbed 2.03 percent.

Among the top 15 cryptocurrencies, Zcash (ZEC) was the strongest. Zcash rose 10.29 percent to $1,222.02 and its market value increased to $20.67 billion. It also recouped most of the roughly 10 percent decline logged the previous day.

The market rebound came after large-scale liquidations a day earlier. CoinGlass data showed $948 million of liquidations during the Oct. 15 selloff, with 90.6 percent from long positions. Positions betting on a rise were forcibly closed, widening selling in a chain reaction, followed by a pullback on Oct. 16.

On the bitcoin chart, the key level is $81,603. On Oct. 15, bitcoin slid as low as $79,711 intraday, falling below that level and the 50-day exponential moving average. The 50-day exponential moving average is currently at $80,407. The 200-day exponential moving average is $75,759, about 8 percent below the current price, and the 50-day line remains above the 200-day line, leaving the long-term trend still tilted to the upside.

Short-term indicators signalled a seller advantage. The average directional index (ADX), which measures trend strength, was at 25.5, slightly above 25, a threshold for confirming a trend. The relative strength index (RSI) stood at 48.9, staying in neutral territory but leaning slightly toward selling.

Market expectations have also eased somewhat. On prediction market Myriad, the probability that bitcoin would reach a peak of $87,500 in October was put at 31 percent, down from 45 percent on Oct. 13. Another prediction market platform reflected a 43 percent chance that bitcoin would fall to $77,500.

For an upside scenario to remain intact, buying must defend $81,603 and the daily close must finish above $84,246. If it breaks above that level, peaks at $85,301, $86,644 and $87,423 could become the next resistance levels. An accompanying rise in ADX would further strengthen the trend-confirmation signal.

If range-bound trading continues, bitcoin may move between a low of $80,365 and $84,246. A bearish scenario begins when the daily close falls below $81,603. In that case, $80,407 and $80,365 would be tested first, followed by $78,003 and a zone between $75,759 and $75,093 that overlaps with the 200-day exponential moving average.

The rebound has appeared as a technical pullback immediately after a sharp fall, but the market is pricing in both another attempt at the upper end and the risk of further declines. As a result, bitcoin's next direction is expected to hinge on whether it holds $81,603 and whether it breaks above $84,246.