Bitcoin risks falling to $75,000 if BTC's $83,000 support breaks

Since Sunday, the $86,000 mark has emerged as a resistance and supply zone, with buyers failing to hold gains above that level. The elusive breakout has increased the risk of a downward correction in the main momentum indicators – the simple moving averages (SMA) 50, 100 and 200 hourly. The three moving averages are stacked and trending downward representing a bearish correction. The 50 and 100 hourly SMAs have peaked and appear to be on track to create a bearish crossover in which the bearish crossover will move below the bearish crossover. While the price of the cryptocurrency remains above the 200-hour SMA, the imminent bearish crossover of two other SMAs suggests that sellers are looking to reassert themselves. In addition, the daily MACD histogram has stopped printing consecutive higher bars above the zero line, reflecting the loss of bullish momentum to support the notion of a potential bearish movement in the market. All of this, when considered against the backdrop of the downtrend of the 50- and 100-day SMAs, requires caution on the part of buyers. A move below the hourly chart support of $83,000 will confirm the bearish movement, potentially triggering a sell-off towards the recent low of $75,000. Meanwhile, the UTC close above $86,000 is needed to signal the continuation of the rally.