Bitcoin Price Slides to $83K as Short-Term Bears Take Control

The relative strength index (RSI) sits at 27, and the moving average convergence divergence (MACD) reads -532. Holding $83,404-$83,600 could invite a bounce, but reclaiming $84,000-$84,350 would offer much stronger evidence that buyers are actually returning.

Four-Hour Bears Keep the Pressure On

The 4-hour chart tells much the same story with a little more weight behind it. The midnight-to-4 a.m. UTC candle opened at $85,544, dropped as low as $83,562 and finished at $84,121 while recording the heaviest 4-hour volume of the observed set.

The next candles couldn’t recover $84,350, and the latest move extended the session low to $83,404.49. A recovery through $84,200-$84,500 would improve the picture, while $85,500-$86,000 remains a tougher overhead zone. Below the session floor, attention shifts toward the $81,950 daily pivot.

Daily Structure Bends but Hasn’t Broken

The daily chart looks bruised rather than demolished. Wednesday’s developing candle opened at $85,544 and fell to $83,404, taking out the Oct. 6, Oct. 5 and Oct. 2 lows along the way.

Bitcoin’s price is below the 10-period exponential moving average (EMA) at $84,620 and the 20-period simple moving average (SMA) at $84,200, but it remains above the 20-period exponential moving average (EMA) at $83,520, the 30-period simple moving average (SMA) at $81,827 and the 50-period simple moving average (SMA) at $80,286. That leaves the broader trend wounded, but not yet broken.