Analysis: If Bitcoin breaks below the support level of $83,000, it may further drop to $75,000
CoinDesk analyst Omkar Godbole stated that against the backdrop of a continuous decline in the 50-day and 100-day simple moving averages (SMA), all these are reminding bulls to remain cautious. If the price breaks through the hourly chart support level of $83,000, it will confirm the development of a bearish trend, which may trigger a round of retracement, with targets pointing towards recent lows around $75,000.
At the same time, if the daily line (UTC) closing price can stand above $86,000, it could potentially mean a continuation of rebound market conditions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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