Bitcoin dropped below $83,000 on Monday, settling near $83,100 after a 4% surge last week. Ethereum followed suit, slipping under $2,700, while XRP held steady around $1.500. The pullback caps a week of strong gains but leaves the broader trend largely undisturbed.
Technical indicators tell a mixed story
Despite the daily dip, Bitcoin remains above its 50-day, 100-day, and 200-day exponential moving averages. The 50-day EMA sits at $77,323, the 100-day at $73,931, and the 200-day at $74,253. These levels act as a safety net if selling pressure intensifies further.
Momentum metrics are cooling. The relative strength index is near 61, suggesting positive sentiment but not yet overbought conditions. The MACD indicator has also eased, though it remains slightly positive. This isn't a crash; it's a breather after a quick run up.
Key levels to watch next
Traders are now focused on $85,000, which stands as immediate resistance. A break above that level could extend recent gains. If Bitcoin fails to clear it, the market may enter a sideways phase. Downside support is layered, starting with the current price area and then the 50-day EMA at $77,323.
Deeper support zones sit near $74,000, aligning with longer-term averages. Further down, horizontal support exists at $66,500 and $62,300. The spacing between these levels is wide, meaning a significant drop is required to trigger the next major buying interest.
What comes next
The next move hinges on whether buyers can reclaim the $85,000 threshold. Until then, the market is digesting last week's jump. For now, the structural trend remains bullish, but the pace has definitely slowed.
