Bitcoin slipped back towards $79,000 on Wednesday after its explosive rebound ran into resistance above $81,000, giving traders a serious test of whether the recovery has enough genuine buying behind it. The cryptocurrency reached an intraday high of $81,265 on Tuesday, its strongest level in three months, before retreating. Bitcoin has still gained about 24% since August 17, but the rejection came after a rapid move fuelled partly by forced short covering. Sellers finally found resistance worth defending Bitcoin's Tuesday peak landed almost directly against its 50-week moving average, which is around $81,085. The May swing high around $82,800 adds another layer of resistance just above the market.