Analyst: Bitcoin key support level at $83,680, resistance around $88,000

ChainCatcher reported that Coindesk analyst Omkar Godbole stated that the first resistance level for bitcoin to watch is the 200-hour simple moving average (SMA), which is currently near $88,000. Since Monday, this level has acted as resistance to price increases, limiting the upside.

The next resistance to watch is in the $98,000–$99,000 range, which has previously formed intraday lows several times earlier this month and in June this year. In addition, the most critical support is around $83,680, where the 100-week SMA intersects with the macro bullish trendline. A break below this level would send a clear risk signal, confirming a recent bearish shift and potentially leading to a deeper decline. The next stop-loss support is around $74,500, where selling pressure eased in early April, paving the way for a subsequent price rebound.