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Bitcoin falls through key consolidation support near 82,500
The breakdown extends Wednesday’s 2.6% drop, the biggest daily decline since Sep. 15, and shifts traders toward downside levels around 81,120 and 80,000.
BTCUSD is trading under pressure after cracking the floor of a recent consolidation range around 82,500, according to Action Forex.
The outlet said the move comes in extension of Wednesday’s 2.6% drop, described as the biggest daily loss since Sep. 15, and it noted the market also broke below the 20DMA.
Action Forex added that a clear break of the 82,500 base is needed to validate the negative signal and point toward the next target near 81,120, with a potential attempt at the psychological 80,000 level.
It also flagged caution if BTC fails to clear the 82,500 support zone on the first attempt, saying that scenario could keep price within the existing range while remaining bearishly aligned while it holds below the converged 20 and 10 day moving averages around 84,210 and 84,400 respectively.
Latest closeBitcoin $82,323.67 ▼1.1%