Bitcoin Holds Higher Range as Support Near $83,000 Comes Into Focus

Bitcoin (BTC) fell more than 2% from about $86,500 on Oct. 6 to roughly $84,200 on Oct. 7, keeping the cryptocurrency inside the $83,000-$87,000 range formed after its September advance.

The move extended a pattern of sharp rallies followed by sideways trading at progressively higher levels. Bitcoin previously traded near $62,000-$67,000 during July and August before gaining 21% over three days.

A later range formed around $76,000-$81,500, followed by a 6.6% gain from Sept. 19 to Sept. 21. The latest structure now depends on whether the market continues to defend the current range.

Support near $83,000 is the immediate technical focus. A sustained move below $82,000-$83,000 could bring the earlier $80,000-$81,500 range back into focus.

Vikram Subburaj, CEO of Giottus, said the Oct. 7 decline did not invalidate Bitcoin’s stair-step rise.

“If $83,000 holds, it would show that sellers cannot force the price back into its previous trading band,” Subburaj said.

The Oct. 7 move left Bitcoin’s broader pattern dependent on whether buyers continue to hold the lower end of the latest range.