Bitcoin’s major safety net just snapped. Why a drop below $85,000 might risk more selloff

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Bitcoin just crashed through a price milestone it’s been holding on to for two months, and sellers are calling the shots now.

That trusty milestone? Bitcoin’s average price over the last 100 weeks. Since November, this so-called 100-week simple moving average has consistently acted as a safety net, a level at which buyers have continued to buy every dip for nine weeks straight.

But today, prices have slipped below $85,000, convincingly moving below the 100-week average line, as seen in the chart below. The breakdown means sellers have overpowered all the buying power around the support, establishing a potential path lower.

BTC’s price chart. (TradingView)

So, where can the sell-off find the next wave of buyers?

In April last year, buyers emerged at around $75,000, stalling the selloff at the time, which makes it a key level to watch now.

Below that, the next support is at the 200-week average, which is at $58,000.

While chart patterns are popular, they don’t always guarantee directional bets — just like any big-picture or fundamentals clue. Smart traders always watch for a key level that, if reclaimed, flips the bearish vibe on its head.

Right now, for bitcoin, that’s $95,000, a level where buyers kept getting outbid by sellers early this month and in December. The bullish case comes back to the table if prices surpass that level.

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