Bitcoin has experienced a bearish sign as it fell below the key 200-day moving average at $83K. The price is currently testing the last defense line for buyers at $80K, and if this level fails, it could lead to a substantial decline towards $75K. The market is currently consolidating between $80K and $92K, and a clear breakout from this range is needed to establish a definitive trend. Bitcoin's interaction with the Realized Price of 3-6 Month UTXOs at $83K is also crucial in determining market direction. Holding above this level would indicate strong market confidence, while breaking below it could trigger a shift in sentiment towards fear and potentially lead to a deeper correction. The price action around the $83K level will be critical in shaping Bitcoin's short- to mid-term trajectory.



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