Bitcoin Drops Below $87,000 as Bears Target $84,000 Support Break
Bitcoin closed the week near lows at $86,588, with bears now targeting the critical $84,000 support level for a breakdown.Summary
Bitcoin experienced a disastrous weekly close, falling from $98,000 resistance to settle near $86,588, pushing bulls back. The immediate focus is on the $84,000 support level; if bears break this, the price is expected to accelerate down to the $72,000 to $68,000 zone, with a potential drop to $58,000 if that fails. For bulls to regain control, they must first reclaim $88,000, then target $91,400 and $94,000, with $98,000 remaining strong resistance. The market sentiment is bearish, as Bitcoin closed below the 100-week Simple Moving Average (SMA), and technical indicators like the MACD and RSI are in bearish territory, suggesting a breakdown this week is more likely, despite potential external support from corporate earnings reports.
(Source：Bitcoin Magazine)