The current price of Bitcoin is $83,779, with a market capitalization of $1.66 trillion and a 24-hour trading volume of $91.22 billion. The price of Bitcoin has recently experienced a relief rally after a sharp decline, but multiple technical indicators suggest that the dominant trend remains bearish. The RSI sits at 25, the MACD level is negative, and the momentum oscillator reinforces weakness in upward price movement. While some short-term indicators suggest positive signals, broader moving averages indicate continued downward pressure. Bitcoin is trading below key resistance zones and the downward trajectory is supported by high selling volume. The 4-hour chart shows a sharp sell-off followed by a mild recovery, but resistance remains firmly in place. Short-term traders may find opportunities within the 1-hour chart, but the overall technical landscape suggests caution and the possibility of a bull trap. Traders should approach the current price action with skepticism and pay attention to risk management. While there is strong support at $78,000 to $80,000 and an increase in buying interest, the bearish indicators and the failure to break resistance suggest the potential for another downturn.



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