$BTC has just pierced through the long-term upward trendline and is sharply declining towards the important support range of 84.5K – 85.5K, exactly coinciding with the area that previously created a bottom.
Looking at the chart, it can be seen:
The upward trendline has been completely broken, confirming a shift to a downtrend structure.
After the failed retest at the 109K range, BTC has been continuously declining with no clear signs of a reversal.
The current red zone is an extremely strong support, which previously helped BTC bounce back.
If this zone is breached, the market could witness the next panic sell-off.
Conversely, if BTC holds this zone, there is a possibility of a rebound to 93K – 97K for a retest.
This moment is very important: the price is at the key zone deciding the medium-term trend.
Do you expect BTC to bounce or break support?