Although the recent Bitcoin price surge has brought some hope to the market, its sustainability has been a matter of concern. Technical analysts are very closely observing on its 100-week moving average (SMA) and Exponential Moving Average (EMA), which are placed just below $85,000. If it fails to stay above these levels, it could lead to a further breakdown.
Some market players think that if BTC breaks below the $85,000 support level, it could be on the verge of testing lower levels, including a projection to move towards $76,000. This negative sentiment is also in line with economic concerns.