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.