[Analysis] "Bitcoin experiences a death cross... could fall to $83,500"

Bitcoin (BTC) has fallen below a technical support level, prompting analyses suggesting further downside.

On the 17th (local time), according to CoinDesk, crypto asset analyst Ali Martinez said on his X, "Bitcoin has broken the lower boundary of the main channel. This move could potentially open the door to further adjustment to the $83,500 support," he analyzed.

Another analyst, Benjamin Cowen, pointed out that a 'death cross' recently occurred on the Bitcoin chart. A death cross is a bearish signal where the short-term moving average crosses below the long-term moving average, and Cowen noted, "In past cases, it has sometimes formed local lows instead." He warned, "For the current cycle to hold, a rebound within one week is necessary," adding, "If it fails to rebound, further declines may occur before recovering the 200-day moving average."

Retail investor sentiment has also deteriorated sharply. On-chain analytics platform Santiment said earlier that when Bitcoin fell below $95,000, the volume of Bitcoin-related social media mentions reached a four-month high. This reflects the spread of fear, and Santiment explained, "Such a spike in 'social dominance' can statistically increase the likelihood of a market reversal." However, it added, "That pattern does not guarantee a rebound."