An analysis says Bitcoin could rise to the $82,000 range in the short term.

Cointelegraph reported on April 28 that Bitcoin has rebounded more than 28 percent from a February low below $60,000. It said technical trends, exchange liquidity and on-chain indicators all support the possibility of further gains.

The first area to watch is the $76,800 to $77,500 range. Bitcoin has moved within a clear rising channel since early April, and it has rebounded 8 to 10 percent each time it tested the lower end of the channel. The current price is pausing near the lower support line. The zone also marks an overlap between the 20-day and 50-day exponential moving averages on the 4-hour chart.

If Bitcoin rebounds again from that support zone, it could open room to rise toward the upper resistance line near $82,700. That price level also aligns with the 1.618 Fibonacci retracement area. If support at the lower end of the channel breaks, it could still slide to $73,600, where the 0.786 Fibonacci level and the 200-day exponential moving average on the 4-hour chart sit.

Liquidity flows are also lending weight to the rebound scenario. CryptoQuant data showed about $6 billion of stablecoins flowed into Binance on a net basis over March and April, including $3.5 billion in April alone. That marked a shift from an earlier net outflow trend of $7.6 billion to net inflows. Because stablecoin inflows represent funds that can be deployed immediately, it is read as a sign that liquidity is moving back into exchanges.

The on-chain MVRV band indicator also showed scope for a rebound. Bitcoin's recent rise pushed it back above the MVRV minus 0.5 standard deviation band around $72,750. The area has served as both support and resistance in multiple past cycles. As the indicator shows how far the spot price has deviated from investors' average on-chain purchase price, reclaiming the lower deviation band is read as meaning the market is no longer in a deeply discounted zone versus realised value.

A similar pattern appeared during the 2014 and 2018 downturns. At the time, after the market regained the green band as support, a short-term rebound extended to the mean band. If the same pattern repeats, the next upside target could be around $94,500.

Still, the signal does not mean a new bull market is starting immediately. Analyst Willy Woo said Bitcoin is still in the process of forming a bottom and pointed to $65,000 as a key lower level. He also said the recovery could strengthen only if it clearly breaks above $79,000, the cost basis of recent investors.

Woo added that the next 6 weeks could be the period that determines whether this rebound leads to a trend reversal or ends as a relief rally within a bear market. The market is therefore watching defence of short-term support and whether Bitcoin can regain $79,000 as the next turning point.

The next test for BTC is cleanly breaking the cost basis of recent investors (79k). I give it 30% odds on doing this on this attempt. After that, if BTC manages to hold this price level above 65k and not break down, then the chances of a structural bottom increases… https://t.co/03TZWYF0NM