Bitcoin Price Slips Below Key Support at $83,119

Bitcoin's price has slipped to $83,119, breaching short-term support and increasing the risk of a deeper drop. The next key zones for bears are $81,194-$81,689, while bulls need momentum above $84,109.

The loss of 20- and 50-period SMAs signals that bears have regained control. MACD is in bearish territory, and RSI reading of 42.74 indicates sellers are dictating the pace.

The latest 5-hour candle paints a bearish Marubozu, with strong closing pressure and little sign of buyers stepping in.