Bitcoin Trading Below $85K Amid Concerns of Further Downside
Bitcoin (BTC) is trading below $85,000, indicating a bearish trend as bulls struggle to reclaim resistance levels. Concerns about further downside persist amid macroeconomic uncertainty and volatility influenced by U.S. policy decisions and global trade tensions.
- BTC has dropped over 29% from its all-time high of $109,000 in January.
- Recent data from Glassnode shows early signs of accumulation after three months of distribution.
- The ability to hold support at $82,000 will be crucial for determining market direction.
Currently at $83,000, Bitcoin faces resistance at $89,000 associated with the 200 moving average. A breakout above this level could signal a recovery toward $95,000. Conversely, failure to surpass $90,000 increases the risk of a deeper correction below $82,000, potentially retesting $80,000.
