Bitcoin Falls Under $84K as Sellers Dominate and Support Breaks Down

• Loss of support at $85,993, with a downward trend giving a reading of $83,543, indicates that the market is weaker.
• Price could not manage to break through $86,000, and so the sellers had everything in control.
• If Bitcoin doesn’t manage to keep above $83,500, it may soon drop to around the $80,000 mark.

Bitcoin’s price action does show a clear breakdown as it progresses to the hour with BTCUSDT trading at $83,543.8 on Bybit, showing a sharp decline of 3.07%. A break of the trendline was witnessed and it shows a possibility of the downside continuation. After experiencing a recovery at about $78,000 earlier on February 28 at 05:30 UTC, Bitcoin started making series of higher lows into a rising trendline. But the price never saw a push past the resistance near $86,000, with a subsequent sell-off that broke the trendline and the support at a critical horizontal level of $85,993.4.  

Failed Breakout Spike Bears Continuation Signal 

From the upward structure that was was created from February 28 to March 7, it had shown a bullish attempt, but there was no further follow-up from the market. Bitcoin shows higher lows in sequence for three days and misses out on a higher high, as this creates a bearish divergence classic. This breakdown below $85,993.4 is a fair reflection of the seller’s strength, which has increased as it could not regain the treasured figure of $90,000. 

As a result of this rejection, a progressive decline followed, such that it trended lower and marked the latter drop to below $84,000. The current momentum suggests that Bitcoin will revisit lower liquidity zones, with the prediction of being the ground watch for traders at about $80,000 and $78,000.

Dominating Sellers After Cracking the Key Support Level

The hourly candlestick structure very evidently displays phases of distribution, where sweeps of liquidity are impossible to substantiate by the subsequent entrenchment of long positions. The dramatic sell-off highlights that the weekend pump in Bitcoin could be viewed as unsustainable short-term bearish sentiment. Previous trader commentary on this says that numerous ‘liquidity sweeps’ pulled high into unscathed bullish continuation, reinforcing the argument for downside. As it stands, under aggression from buyers interested in regaining lost ground, Bitcoin would still suffer further loss.

Close monitoring must be done regarding BTC at this point for market players, since continued trading below $83,500 might soon start leading towards $80,000 or below. If reclaimed, Bitcoin’s price may continue to stabilize and take other swings at prior highs once above $85,000. Still not the best at bullish confirm above the resistance key though, being that the sellers are in control, BTC’s short future lookout goes bearish unless there was a decisive reversal in the trajectory.