Analyst: The key support level for Bitcoin is at $83,680, with resistance around $88,000

Coindesk analyst Omkar Godbole stated that the first resistance level for Bitcoin to watch is the 200-hour simple moving average (SMA), currently near $88,000. Since Monday, this level has acted as a resistance for price upward movement, limiting the increase.

The next resistance level to watch is in the $98,000--$99,000 range, which previously formed intraday lows multiple times earlier this month and in June of this year. Additionally, the most critical support level is around $83,680, where the 100-week SMA intersects with the macro bullish trend line. A drop below this level would send a clear risk signal, confirming a recent bearish shift and potentially leading to a deeper decline. The next support level to halt the decline is around $74,500, where selling pressure eased in early April, paving the way for subsequent price rebounds.