Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Analysis: If Bitcoin breaks below the support level of $83,000, it may further drop to $75,000

Analysis: If Bitcoin breaks below the support level of $83,000, it may further drop to $75,000

Bitget2025/04/16 13:21
BTC+0.72%

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.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Trending news

More
1
Poland's first Bitcoin ETF listed on the Warsaw Stock Exchange, boosting cryptocurrency adoption
2
Nasdaq-listed SunCar plans to spend $10 million to purchase cryptocurrencies.

Crypto prices

More
Bitcoin
Bitcoin
BTC
$117,236.77
+1.29%
Ethereum
Ethereum
ETH
$4,593.84
+1.93%
XRP
XRP
XRP
$3.1
+1.94%
Tether USDt
Tether USDt
USDT
$1
-0.05%
BNB
BNB
BNB
$988.24
+3.28%
Solana
Solana
SOL
$248.56
+4.14%
USDC
USDC
USDC
$0.9998
-0.03%
Dogecoin
Dogecoin
DOGE
$0.2820
+3.24%
Cardano
Cardano
ADA
$0.9278
+5.21%
TRON
TRON
TRX
$0.3506
+2.90%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter