Bitcoin Tumbles Below Key Support Level as Selling Pressure Builds

Bitcoin has fallen below a key short-term support level, causing concern that it could face further losses if selling pressure persists.

The cryptocurrency is currently trading at around $83,119 on the five-hour chart, down from its recent peak of $87,363. This decline has pushed Bitcoin below both its 20- and 50-period simple moving averages (SMAs), indicating a weakening short-term momentum.

Technical indicators also point to growing selling pressure, with the Moving Average Convergence Divergence (MACD) in bearish territory and the Relative Strength Index (RSI) at 42.74, below the neutral 50 level.