Bitcoin (BTC) Under Severe Selling Pressure, Having Lost the $85,000 Level Just a Few Days Ago

Bitcoin (BTC) is under severe selling pressure, having lost the $85,000 level just a few days ago. This breakdown has pushed the market to its lowest levels since November 2024

Bitcoin (BTC) fell below the 200-day Moving Average (MA) at $83,450, a key technical level that previously supported its bullish momentum. As BTC trades below this critical indicator at $81,700, the market remains under bearish pressure.

According to Benzinga Pro, Bitcoin is currently being traded at $81,700.

According to Glassnode data, the Mayer Multiplier suggests that the next key support level for Bitcoin sits at $66,000.

Since the U.S. elections in November 2024, macroeconomic uncertainty and volatility have been major drivers of the market. The rise in global trade tensions, erratic economic policies, and shaken investor confidence have all contributed to Bitcoin’s extended correction.

With U.S. stock markets also struggling, Bitcoin has failed to find the momentum needed for a recovery.

Top analyst Ali Martinez shared insights on X, highlighting that Bitcoin is now trading below the 200-day moving average, a key technical indicator that often signals long-term trend direction. According to the Mayer Multiple, the next major support level sits at $66,000. If BTC fails to stabilize above current levels, further selling pressure could send Bitcoin toward this lower support zone in the coming weeks.

For Bitcoin to reverse its downward trend, bulls must reclaim the 200-day MA around $83,500. A break and hold above this level would indicate strength returning to the market and could prevent further downside. However, if BTC fails to regain momentum, fear and uncertainty will continue to drive prices lower, making the next few weeks crucial for Bitcoin’s market structure.

Investors are closely watching price action as Bitcoin remains at a crucial point that could define its mid-term trend.