Bitcoin and Crypto Market Update

Global Market Decline
The global crypto market cap dropped 8.76% to $2.77 trillion.

Bitcoin Price Analysis
Bitcoin (BTC) is currently trading at $83,093.80, down 9.43% in the last 24 hours and below its 50-day moving average, confirming a bearish trend. Its market cap has fallen to $1.66 trillion with a 24-hour trading volume of $73.6 billion, reflecting a slight decrease of 1.08%.

Bearish Indicators for BTC

Bitcoin faces strong resistance at $86,800. A breakout above this level could see BTC rally towards $90,000. However, failure to break this resistance may lead to further sell-offs.

The first major support level is at $82,500. If Bitcoin fails to hold this level, the next support is at $80,000, and a break below could escalate selling pressure.

Market Indicators

The Relative Strength Index (RSI) is at 36.45, indicating oversold conditions, while the average RSI is 37.86, suggesting weak momentum. A move above 40 may indicate a price reversal potential; continued declines would affirm bearish strength.

The Chaikin Money Flow (CMF) stands at 0.02, indicating weak buying pressure. Falling below 0 would confirm increased outflows and lower investor confidence. Currently, Bitcoin’s trading below its 50-day moving average confirms bearish trends.

A bullish crossover could signal a trend reversal, but without reclaiming key resistance levels, the market remains bearish. BTC needs to reclaim $86,800 for bulls to shift momentum. If it falls below $82,500, it could go lower to $80,000 or more. Until buying pressure rises, Bitcoin is likely to stay in a bearish phase.