Bitcoin’s $83K Support: The Drama You Didn’t Know You Needed

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What to know:

  • Bitcoin’s recovery rally is stalling like a sitcom character who can’t decide between two love interests. $86K is the new “it’s complicated.”
  • Key momentum indicators are hinting at a bearish shift, which is basically the crypto equivalent of your ex texting you at 2 a.m. 🐻
  • If BTC drops below $83K, it could trigger a sell-off faster than you can say “HODL.” But a close above $86K? That’s the green light for the bulls. 🚦

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole, who probably has a better relationship with charts than most of us do with our in-laws.

Bitcoin’s (BTC) recovery rally has been stuck since Sunday, like a Netflix show you keep meaning to finish but never do. The $86K mark is now the resistance zone, and bulls are failing harder than a dad joke at a comedy club.

Since Sunday, the $86K level has become the crypto version of a “Do Not Enter” sign. Bulls can’t seem to break through, and the momentum indicators are looking as bearish as a grizzly in a honey factory. The 50- and 100-hour SMAs are about to have a bearish crossover, which is basically the technical term for “things are about to get messy.”

While BTC’s price is still above the 200-hour SMA, the impending bear cross of the other two SMAs is like that moment in a rom-com when the love interest starts flirting with someone else. Sellers are ready to make their move, and it’s not looking good for the bulls.

Oh, and the daily chart MACD histogram? It’s stopped printing higher bars, which is the market’s way of saying, “We’re out of steam, folks.” Combine that with the downward-trending 50- and 100-day SMAs, and you’ve got a recipe for caution. 🚨

If BTC drops below $83K, it could trigger a sell-off faster than you can say “FOMO.” And if it closes above $86K? Well, that’s the bulls’ cue to keep the party going. 🎉

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2025-04-16 15:36