Bitcoin price battles are maintained at more than $ 83K. Was the rally complete?

Bitcoin (BTC) is increasing pressure as the major support levels are broken, raising concerns about the end of the recent rise. The world’s best cryptocurrency is struggling to maintain a profits toward the transition to the weak territory.

Major support levels in danger

In the daily chart, Bitcoin fell below the level of important Fibonacci support of about $ 83,000, which had previously played a strong basis. According to the analyst JOSH in Crypto World, this movement suggests the reversal of the short -term trend. If Bitcoin can’t find this level, the next main support is in a high range of $ 70,000.

The resistance level is still firm and $ 85,000 and $ 88,000 act as a major obstacle. You can turn this support into a resistance every day to less than $ 83,000 every day, so you can put more pressure on the price.

Strength Momentum Fading

The optimistic propulsion, which has led to optimism in recent weeks, is now losing power. The daily relative intensity index (RSI) approaches the critical threshold, and the decline below this level confirms the end of the optimistic trend. This shows a change in emotions and shows that Bitcoin’s recent recovery may have reached its highest point.

What is Bitcoin’s next?

In the short term, traders focus on $ 81,600. The decline below this level can be moved to $ 80,000 and perhaps $ 78,500. The resistance levels to monitor include $ 83,500, $ 85,000 and $ 88,000.

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