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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

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Bitget2025/04/16 13:21

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.

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