Bitcoin falls to around $84,200, stepped uptrend structure still intact.

October 7 — Bitcoin fell to around $83,500 on Wednesday, and is now fluctuating near $84,200, down more than 2% from Tuesday's high of about $86,500, but still within the $83,000 to $87,000 range formed over the past two weeks. The "stair-step" upward structure that has lasted for several months has not yet been broken.

Giottus CEO Vikram Subburaj said that since July, BTC has formed a stair-step pattern through a series of progressively higher sideways ranges: from mid-July to August 18, it mainly fluctuated between $62,000 and $67,000, then rose 21% in 3 days; from late August to mid-September, it traded in the $76,000 to $81,500 range, then rose another 6.6% from September 19 to 21, and has since remained in the $83,000 to $87,000 range.

Subburaj pointed out that $83,000 is the current key support level. If it is effectively broken, it could mean the September breakout failed and the price may retest the $80,000 to $81,500 area. FxPro chief market analyst Alex Kuptsikevich believes that around $84,000 is a more important support level, and a break below it could lead to a further decline toward $80,000.