Bearish Signal? Bitcoin Breaks $84K with $76K in the Crosshairs

Bitcoin (BTC) has slipped below the $84,000 mark after multiple failed attempts to break above $94,000–$97,000. This drop has raised concerns that a deeper move toward the $74,000–$76,000 zone may follow if the asset fails to recover quickly.

Break Below $84K Raises Caution

Crypto analyst Dami-Defi said Bitcoin has faced “multiple rejections” near $94K–$97K, a zone that has acted as resistance more than once. After another failed breakout, the price fell below $84,000, a level that had held since November.

Dami-Defi added that a daily or weekly close under $84K could lead to further losses. The next area with strong support is between $74K and $76K.

They also mentioned that this drop seems to be part of a larger market trend and not limited to crypto alone, suggesting a wider shift in risk appetite across financial markets.

Past Cycles Point to Possible Deeper Drop

Some analysts believe this decline could echo past bear market cycles. Aralez, a market observer, shared that in 2018, Bitcoin dropped 84% from its previous high. A similar move in this cycle, based on a projected 2025 peak of $126K, could push the price down toward $32K in 2026.

The market has faced sharp losses recently, with Bitcoin falling over 6% in the past 24 hours. More than 274,000 traders were liquidated, totaling nearly $2 billion (per CoinGlass data).

Consequently, the price briefly touched levels not seen since April, moving within a daily range of $81,300 to $88,300. At the time of writing, CoinGecko lists Bitcoin at just above $82,600.

Beyond the price action, reports of rising tensions in the Middle East may be adding stress to the crypto market. The deployment of the Abraham Lincoln Carrier Strike Group near Iran has raised concerns about conflict escalation.

At the same time, there are reports that President Trump may nominate Kevin Warsh to lead the Federal Reserve. Warsh has spoken positively about crypto in the past, but traders reacted with caution.

Some Still See a Bullish Setup

Not all market watchers are expecting a deep fall. Analyst Egrag Crypto said that Bitcoin’s larger structure still looks stable. They noted the price is holding above the 21-month EMA and inside a rising channel.

They explained that a move to $62K could be part of regular market movement in an uptrend.

“Only bearish if BTC accepts below it on monthly closes,” they said.

Egrag sees a 60%–65% chance that Bitcoin reaches $200K before any major correction.

The post Bearish Signal? Bitcoin Breaks $84K with $76K in the Crosshairs appeared first on CryptoPotato.