Key Takeaways
Bitcoin fell more than 2% to around $84,200 on Wednesday after trading near $86,500 Tuesday.
BTC remains inside its recent $83,000–$87,000 range, keeping its broader bullish stair-step structure intact.
A sustained break below $82,000–$83,000 could invalidate the pattern and bring $80,000–$81,500 back into focus.
FxPro sees $84,000 as nearer-term support, with $80,000 potentially in play if it breaks.
Bitcoin slipped toward $84,200 on Wednesday, but the decline has yet to break the broader bullish price structure that has developed since July.
According to Giottus CEO Vikram Subburaj, Bitcoin's October 7 decline does not invalidate its “stair-step” trajectory, characterized by periods of sideways consolidation followed by sharp moves into higher trading ranges.
Bitcoin's Stair-Step Rally Remains Intact
Bitcoin traded between roughly $62,000 and $67,000 from mid-July through August 18 before gaining 21% in three days.
The next range formed around $76,000–$81,500, followed by a 6.6% rally between September 19 and September 21.
BTC has since established another higher range around $83,000–$87,000.
Holding $83,000 would suggest sellers remain unable to push Bitcoin back into its previous trading range, according to Subburaj.
$83K Becomes Key Bitcoin Support
The bullish structure would come under greater pressure if Bitcoin breaks below the bottom of its current range.
Subburaj said a sustained move below $82,000–$83,000 could signal that September's breakout has failed and bring $80,000–$81,500 back into play.
FxPro chief market analyst Alex Kuptsikevich identified $84,000 as the more immediate support level, warning that a break below it could also open the door toward $80,000.
Bitcoin was trading around $84,300 at the time of the report.