Bitcoin Maintains Bullish Trajectory Despite Drop to $84,200

On October 7, Bitcoin dropped to around $84,200 but remained within its recent range, keeping its bullish phase intact. The cryptocurrency declined by more than 2% from $86,500 the previous day, yet continues to trade within a range between $83,000 and $87,000, which supports a bullish pattern since early July. Analysts note that the support level around $83,000 is crucial. A break below $82,000-$83,000 signals that the September breakout has failed. If this support does not hold, Bitcoin could fall to $80,000-$81,500. Should the $83,000 level hold, it would indicate that sellers are unable to push the cryptocurrency back into its previous trading range. According to Vikram Subburaj, CEO of Indian crypto exchange Giottus, 'The drop on October 7 does not negate Bitcoin's bullish trend.'

Since early July, Bitcoin has been consistently trading in ascending ranges, each higher than the last, creating a visual representation of a staircase. From mid-July to August 18, the price held in a range of around $62,000-$67,000, followed by a sharp 21% jump over three days. Then, from late August to mid-September, the range was around $76,000-$81,500, after which another jump of 6.6% occurred from September 19 to 21. Since then, Bitcoin has been holding between $83,000 and $87,000, indicating a sustained positive momentum.

Alex Kuptsikevich, chief analyst at FxPro, adds that support is positioned slightly higher, around $84,000, and a break below this level would open the door to $80,000. Right now, Bitcoin is trading around $84,300, confirming its current position within the bullish model. If the $83,000 level proves resilient, it will signal further growth for the cryptocurrency and a breakout from the current range.