October 7th 2026, 12:45 PM
Bitcoin Price Plunges to Record Low in 24-Hour Selloff
Key Summary
The Bitcoin price has plummeted to $83,000, as short-term bears take control of the market. Despite the recent price surge, the bears' momentum has led to a significant decline in the cryptocurrency's value. The short-seller community has been actively trading against the trend, contributing to the bearish sentiment. As a result, the Bitcoin price has dropped below $83,000, marking a significant setback for the cryptocurrency's long-term growth prospects.
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Market Update
Bitcoin's price range is trading near the floor of its 24-hour range after an overnight selloff dragged the BTC/USD pair to $83,404. The 1-hour picture is firmly bearish, with price below every listed moving average and the relative strength index (RSI) at 27, but the daily structure hasn’t completely cracked.Technical Analysis
Bulls now need to defend the daily range floor, which could provide support if the price can bounce back. However, the bearish momentum is still strong, and a break below the floor could lead to further losses.Market Implications
The drop to $83K is a significant loss for Bitcoin, and it could impact investor sentiment. The price could face increased selling pressure if it fails to recover from this low.#Bitcoin#US#Crypto#SEC