$BTC Rejected at $83,350 — Is Another Move Below $80K Coming?
Bitcoin resumed its bullish move as financial markets opened, pushing into the Resistance Zone ($81,950-$82,960) and testing the nearby Resistance Lines.
However, renewed selling pressure appeared around the key $83,350 trading level, forcing BTC lower again.
Technical Analysis
From an Elliott Wave perspective, Bitcoin appears to have completed a Zigzag Correction (A-B-C), suggesting that another Bearish Wave could now begin.
The rejection from the Resistance Zone, Resistance Lines, and the key $83,350 level further supports the short-term bearish scenario.
I expect BTC to continue moving lower over the coming hours.
A temporary pause or short-term bullish reaction could develop near the key $81,550 trading level before selling pressure potentially resumes.
After that, Bitcoin could continue toward the Cumulative Long Liquidation Leverage ($79,650-$80,800), representing roughly another 2% downside from the current area.
Trade Setup
First TP: $81,823
Second TP: ($79,650-$80,800)
Stop Loss: $83,420
Key Levels: $81,550 | $83,350
Geopolitical developments in the Middle East remain an additional volatility risk, so sudden headlines should be monitored carefully.
For now, $83,350 is the main invalidation area, while a loss of $81,550 could strengthen the bearish scenario.
Which level will Bitcoin reach first?
🔴 ($79,650-$80,800)
🟢 $83,420
Bitcoin resumed its bullish move as financial markets opened, pushing into the Resistance Zone ($81,950-$82,960) and testing the nearby Resistance Lines.
However, renewed selling pressure appeared around the key $83,350 trading level, forcing BTC lower again.
Technical Analysis
From an Elliott Wave perspective, Bitcoin appears to have completed a Zigzag Correction (A-B-C), suggesting that another Bearish Wave could now begin.
The rejection from the Resistance Zone, Resistance Lines, and the key $83,350 level further supports the short-term bearish scenario.
I expect BTC to continue moving lower over the coming hours.
A temporary pause or short-term bullish reaction could develop near the key $81,550 trading level before selling pressure potentially resumes.
After that, Bitcoin could continue toward the Cumulative Long Liquidation Leverage ($79,650-$80,800), representing roughly another 2% downside from the current area.
Trade Setup
First TP: $81,823
Second TP: ($79,650-$80,800)
Stop Loss: $83,420
Key Levels: $81,550 | $83,350
Geopolitical developments in the Middle East remain an additional volatility risk, so sudden headlines should be monitored carefully.
For now, $83,350 is the main invalidation area, while a loss of $81,550 could strengthen the bearish scenario.
Which level will Bitcoin reach first?
🔴 ($79,650-$80,800)
🟢 $83,420