Bitcoin (BTC) Markets Struggle to Stay Afloat as the Downturn Continues

Cryptocurrencies are struggling to stay afloat on Thursday as the market-wide downturn continues.

Cryptocurrency markets are struggling on Thursday morning as the market-wide downturn continues.

* Benzinga readers can learn more about cryptocurrencies like Bitcoin and how to invest in the new technology.

* According to data from Coinbase (NASDAQ:COIN) at 9:34 a.m. Thursday, Bitcoin was down 0.78% over the last 24 hours at $83,165.81.

* Notable cryptocurrency markets are also in the red on Thursday morning. Ethereum (CRYPTO: ETH) was down 0.78%, and smaller cryptocurrency Chainlink (CRYPTO: LINK) was lower by 2.46%.

* Of the 100 largest cryptocurrency markets by market capitalization, 90 were trading in the green and 10 were in the red.

* Among the top ten gainers over the last 24 hours was Render Token (CRYPTO: RNDR), which was up 13.86%.

* Among the top ten losers over the last 24 hours was Hedera (CRYPTO: HBAR), which was lower by 7.67%.

Trader Notes: Despite Bitcoin continuing to move lower, crypto chart analyst Ali Martinez says the crypto king is ready for a rebound.

Martinez says an oversold RSI a buy signal on the TD Sequential indicator can be used to identify a potential bottom for Bitcoin.

"The RSI has entered oversold territory, indicating that the selling pressure might be exhausting. As the RSI moves higher from here, it could be a sign that buyers are returning."

Related: According to crypto trader Kevin, Bitcoin is now at $84,500, a level it reached three months ago. However, market sentiment has soured significantly.

"The RSI has dropped from 85 to 25, and the Fear & Greed Index has plummeted from 83 to 20, highlighting the shift in sentiment."

During the last cycle, Bitcoin reached new highs of $69,000, but the bull market didn't end there.

"It continues as the price surpasses the previous cycle highs and experiences a period of deep correction, which we can observe on the chart."

According to crypto trader Michael van de Poppe, the cycle is not over—it's just beginning.

"Bitcoin has yet to reach euphoria, which is typically associated with extremely high prices and excessive optimism among traders.

"My price target for Bitcoin this cycle is $200,000-$250,000 as we get a new all-time high and a final lower high after which the bear market will arrive."

According to More Crypto, Bitcoin is testing support at $83,219. If it holds, a (C)-wave rally into resistance for circle wave 4 is expected.

"As long as the price holds above $83,219, I expect at least a (C)-wave rally into resistance for circle wave 4."