Analysis: If Bitcoin breaks below the support level of $83,000, it may further decline to $75,000

ChainCatcher news, CoinDesk analyst Omkar Godbole stated that against the backdrop of the continued decline of the 50-day and 100-day simple moving averages (SMA), all of this serves as a reminder for bulls to remain cautious. If the price breaks below the hourly support level of $83,000, it will confirm the development of a bearish trend, potentially triggering a pullback targeting the recent low of around $75,000.

Meanwhile, if the daily closing price (UTC) can stay above $86,000, it may indicate the continuation of the rebound trend.