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Bitcoin nears the $83K support zone after rejecting $91K. Analysts warn of further decline if buying pressure fails to appear.
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Summarize with AI
Summarize with AI
Bitcoin opened December with a move lower, trading under pressure after failing to hold above $93,000. As of press time, the asset is around $86,800, down slightly in the past 24 hours and almost 2% over the last week. The recent decline has brought the market close to an area that several analysts are calling an important support zone.
Now, though, a major support level has come to play as it was tested yesterday.
Analysts Focus on the $83K–$81K Zone
Michaël van de Poppe, a well-followed crypto analyst, said Bitcoin is nearing a key area where buyers may step in.
He added that if this level fails to hold, the market could move toward $81K to find support.
Bitcoin recently failed to break through the $91,800 zone, which had been marked as an important resistance level. Following that rejection, the price dropped sharply on increased volume. The downtrend remains intact, with lower highs and lower lows visible on the daily chart.
Bitcoin (BTC) Price Chart 02.12. Source: Michaël van de Poppe/XFurthermore, Van de Poppe mentioned that the current price action between $80K and $90K is not ideal for short-term trades. He said a clear breakout above $90K would show strength.
Analyst Daan Crypto Trades also commented on the recent low, calling it a higher low at a major support area. He added, “Wouldn’t want to see price go any lower than that,” warning that another drop could point the market toward $80K again. He explained that early-month moves often reverse, and this month began with a sharp drop right from the new candle open.
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Long-Term Patterns Raise Caution
Veteran trader Peter Brandt posted a chart showing five past Bitcoin bull cycles. Each one ended with a breakdown of its parabolic trend, followed by a correction of at least 75%. He warned that this pattern has played out every time so far.
Bitcoin is now trading below a parabolic trendline drawn on Brandt’s chart. The ADX value is around 22, showing weaker trend momentum. Volatility remains high, which could mean more price swings ahead. If the pattern repeats, a larger drop may still be on the table.
Buyer Activity Near Current Levels
Despite the broader concerns, recent data shows a dense cost basis cluster forming in the low-$80,000 range, as CryptoPotato reported. This suggests that many Bitcoin holders recently acquired coins at these levels, which could create buying interest and act as short-term support.
Tom Lee of Fundstrat said he expects Bitcoin to reach a new all-time high in the coming months. Until then, traders are watching the $83K level to see if the market can hold or if more downside will follow.
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Source: https://cryptopotato.com/bitcoin-btc-price-danger-zone-83k-support-faces-major-test/
