$BTC
Selling Pressure Is Back — Can Bitcoin Hold $83,700?
BTC/USDT | Binance | Short-Term Chart
Current Price: $83,769.89
24H High: $84,290.00
24H Low: $82,975.37
24H Turnover: $703.23M
MA60: $83,916.78
Bitcoin is facing renewed selling pressure after failing to sustain its move toward $84,100. Price has dropped below the MA60, while MACD remains negative, suggesting that short-term bears still have the advantage.
Key levels to watch
🟢 $83,900–$84,000: First recovery zone; reclaiming it could improve short-term momentum.
🟢 $84,066–$84,145: Resistance area. A sustained move above it could open a retest of $84,290.
🔴 $83,700: Immediate support to monitor.
🔴 $83,600–$83,500: A break below this area could extend the decline.
🔴 $82,975: 24H low and a key downside reference.
Bullish scenario: BTC reclaims $83,916 and holds above it, with stronger buying volume.
Bearish scenario: Price remains below the MA60 and breaks $83,700, increasing the risk of a move toward lower support.
My decision: WAIT. The chart currently favors caution. MACD is negative, price is below the MA60, and the recent decline shows selling pressure. A recovery needs confirmation before considering a long entry.
Trader question: Will BTC reclaim $83,900, or are sellers preparing another move lower?
NFA. Analysis is based on your screenshot. Confirm levels on the live chart and manage risk before trading.
#BTC #BTCUSDT #Bitcoin #Binance #cryptotrading
Selling Pressure Is Back — Can Bitcoin Hold $83,700?
BTC/USDT | Binance | Short-Term Chart
Current Price: $83,769.89
24H High: $84,290.00
24H Low: $82,975.37
24H Turnover: $703.23M
MA60: $83,916.78
Bitcoin is facing renewed selling pressure after failing to sustain its move toward $84,100. Price has dropped below the MA60, while MACD remains negative, suggesting that short-term bears still have the advantage.
Key levels to watch
🟢 $83,900–$84,000: First recovery zone; reclaiming it could improve short-term momentum.
🟢 $84,066–$84,145: Resistance area. A sustained move above it could open a retest of $84,290.
🔴 $83,700: Immediate support to monitor.
🔴 $83,600–$83,500: A break below this area could extend the decline.
🔴 $82,975: 24H low and a key downside reference.
Bullish scenario: BTC reclaims $83,916 and holds above it, with stronger buying volume.
Bearish scenario: Price remains below the MA60 and breaks $83,700, increasing the risk of a move toward lower support.
My decision: WAIT. The chart currently favors caution. MACD is negative, price is below the MA60, and the recent decline shows selling pressure. A recovery needs confirmation before considering a long entry.
Trader question: Will BTC reclaim $83,900, or are sellers preparing another move lower?
NFA. Analysis is based on your screenshot. Confirm levels on the live chart and manage risk before trading.
#BTC #BTCUSDT #Bitcoin #Binance #cryptotrading