Bitcoin Sinks Below $83K as Bears Eye Key Support Zone

Bitcoin's price has slipped to $83,119, breaching short-term support and increasing the risk of a deeper drop towards $81,194.

The bears are eyeing key zones at $81,194-$81,689 for a full trend test, while bulls will only regain momentum if Bitcoin's price rises above $84,109.

This correction has been building steam, with the MACD indicator in bearish territory and an RSI reading of 42.74 indicating downside momentum is building.

The chart analysis suggests that the bears have regained control, with the loss of the 20- and 50-period SMAs signaling a shift in market sentiment.