Bitcoin Price Battles to Stay Above $83k, Is the Rally Done?

Bitcoin (BTC) is facing increasing pressure as key support levels are breaking, raising concerns about the end of its recent upward trend. The world’s leading cryptocurrency is struggling to hold its gains, with technical indicators pointing toward a shift toward bearish territory.

Key Support Levels at Risk

On the daily chart, Bitcoin has dropped below a critical Fibonacci support level around $83,000, which had previously acted as a strong foundation. According to analyst Josh of Crypto World, this move suggests a reversal in the short-term trend. If Bitcoin can’t reclaim this level, the next major support is around the high $70,000 range.

Resistance levels remain firm, with $85,000 and $88,000 acting as key obstacles. A daily close below $83,000 would likely turn this support into resistance, adding more downward pressure on the price.

Bullish Momentum Fading

The bullish momentum that drove optimism in recent weeks is now losing strength. The daily Relative Strength Index (RSI) is approaching a critical threshold, where a drop below this level confirms the end of the bullish trend. This marks a shift in sentiment, showing that Bitcoin’s recent recovery may have reached its peak.

What’s Next for Bitcoin?

In the short term, traders are focusing on the $81,600 level. A drop below this level could trigger a move toward $80,000 and possibly down to $78,500. Resistance levels to watch include $83,500, $85,000, and $88,000.

Despite the current downward pressure, the long-term outlook for Bitcoin remains uncertain, influenced by macroeconomic factors and overall market sentiment.