Bitcoin is facing continued selling pressure after breaking below crucial support levels, trading at $82,499 at the time of writing. With technical indicators flashing bearish signals, traders are bracing for a prolonged correction.

A key concern is the emergence of a Death Cross—a bearish crossover between the 50-period and 200-period moving averages—which suggests further downside. Meanwhile, Fibonacci retracement levels indicate that Bitcoin could still experience deeper losses before finding strong support.

Death Cross Reinforces Bearish Outlook

In February, Bitcoin confirmed a Death Cross on both the daily and 12-hour timeframes when its 50-period moving average (MA) dropped below the 200-period MA. Historically, this pattern has often preceded extended downward trends in the market.

Currently, Bitcoin’s 50-period MA stands at $97,041, while the 200-period MA is at $91,631. With Bitcoin trading well below both levels, these moving averages now act as strong resistance zones. Until Bitcoin reclaims them, any recovery attempts may remain limited.

Crypto analyst Ali Charts recently highlighted the another bearish signal: a crossover between the 50-day and 100-day MAs on Bitcoin’s daily chart. This suggests shifting momentum that traders should monitor closely.

Fibonacci Levels Indicate Key Support Zones

Bitcoin recently failed to sustain a move above the 50% Fibonacci retracement level at $85,723. It is now testing the 23.6% retracement level at $82,902, which acts as short-term support.

If Bitcoin breaks below this level, the next target could be $80,380, which represents the 0% Fibonacci retracement from its recent highs. A drop to this level could mark a deeper correction, potentially triggering further selling pressure.

Meanwhile, Bitcoin’s previous rejection near $88,181, aligning with the 61.8% Fibonacci level, indicates that recent bullish attempts have lacked strength. Without a clear breakout, the downward trend remains intact.

Relative Strength Index (RSI ) Nears Oversold Levels—Will a Reversal Follow?

Bitcoin’s Relative Strength Index (RSI) stood at 40.70 at the time of writing, signaling weak momentum but not yet reaching oversold conditions, which typically occur below 30.

Historical RSI lows of 33.79 and 16.73 suggest that Bitcoin has seen deeper corrections before rebounding. If the RSI drops below 30, it could indicate oversold conditions, potentially setting the stage for a relief bounce.

Volume Trends Confirm Selling Pressure

Bitcoin’s trading volume shows an increase during price declines, reinforcing the dominance of bearish sentiment. However, if volume starts decreasing as prices fall further, it could signal seller exhaustion, creating the possibility of a short-term rebound.

For now, Bitcoin remains under pressure, testing the $82,902 support level. A breakdown below this zone could push Bitcoin toward $80,380, marking a critical support area.

Key Support and Resistance Levels to Watch

• Immediate support: $82,902 (23.6% Fibonacci level)
• Stronger support: $80,380 (0% Fibonacci level)
• Key resistance: $85,723 (50% Fibonacci level)
• Major resistance: $88,181 (61.8% Fibonacci level)

A decisive move above $85,723 could shift momentum in favor of buyers, potentially allowing Bitcoin to retest $88,181. However, if Bitcoin continues struggling below resistance, the bearish trend may persist, increasing the likelihood of further declines.

With the Death Cross still in play and additional bearish signals emerging, Bitcoin’s outlook remains uncertain. Traders should monitor RSI levels and volume trends to identify potential reversal signs in the coming days.