Bitcoin Price Slides to $83K as Short-Term Bears Take Control
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.
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. Bulls now need to defend […]