Bitcoin's price has rallied to $82,000 after dipping below $78,000, recovering from a local low of $76,450 and reaching an intraday high of $83,786. This recovery was driven by bullish divergences observed across multiple timeframes, including a rare 1-day divergence not seen since June 2024. The cryptocurrency's rebound follows a retest of its 50-week exponential moving average, a key support level held since August 2023. Analysts highlight an inverse head and shoulders pattern, suggesting a potential target of $89,000 if Bitcoin decisively breaks above $83,800. The rally also coincides with Senator Cynthia Lummis reintroducing the BITCOIN Act, which proposes the U.S. government acquire 1 million BTC as a strategic reserve. This legislative development has sparked speculation about broader institutional adoption of Bitcoin.