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Bitcoin price drops to $83K as short-term bears dominate trading action

Technical Signals
07 Oct 2026
Bitcoin
View Source
Bearish
Bitcoin price drops to $83K as short-term bears dominate trading action

Bitcoin's price fell sharply to $83,404 after a high-volume selloff erased support around $85,500. The 1-hour chart shows strong bearish signals with the price below all moving averages and an RSI at 27, indicating short-term selling pressure. However, the daily chart remains neutral with key moving averages still holding, suggesting the broader trend is not yet broken. Bulls must defend $83,404 and push back above $84,350 to regain control, while a drop below $83,404 could lead to further declines toward $81,950.

Following the recent drop in Bitcoin's price to $83,404, on Pluang Bitcoin trades at Rp1.492.583.762 as of Oct 07, 2026 20:04 WIB, down 3.03% over the past day. The platform shows a market cap of Rp30.048,12 trillion and a 24-hour trading volume of Rp639,27 trillion. Order activity on Pluang slightly favors selling at 53%, with typical investors holding Bitcoin for about 111 days.

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