$83.5K BTC support seen as key to next move

Bitcoin is facing strong selling pressure around $87,000, with the 21-day moving average at $83,500 serving as a key support level, CoinDesk said. CoinDesk said liquidity is currently concentrated around $87,000, with sell orders building from $86,500 and limiting BTC’s short-term upside. To preserve the uptrend, BTC needs to hold the 21-day simple moving average at $83,500, the outlet said. On the upside, if BTC breaks above $87,375, then reclaims $87,496 and flips that level into support, the likelihood of further gains could increase. In that scenario, BTC would be more likely to break firmly above $91,540, which CoinDesk said would provide an additional signal supporting confirmation of a bull market.