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Down but not out. Bitcoin's stair-step bullish trajectory is still intact
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- DeepHorus
Bitcoin dipped to approximately $84,200 on Wednesday, falling over 2% from Tuesday's level near $86,500, according to CoinDesk data. Despite the decline, the cryptocurrency stayed within its established $83,000-to-$87,000 trading range, preserving its months-long bullish stair-step trajectory. BTC was trading near $84,300 as of recent readings.
Since July, Bitcoin has climbed through a series of progressively higher flat ranges, resembling a set of stairs on a price chart. From mid-July to August 18, it traded between roughly $62,000 and $67,000 before jumping 21% in three days. The next leg ran from late August to mid-September between approximately $76,000 and $81,500, followed by a 6.6% gain from September 19 to 21.
Analysts identified support near $83,000 as a critical threshold for the bullish pattern. Vikram Subburaj, CEO of Indian crypto exchange Giottus, said the October 7 decline does not invalidate Bitcoin's stair-step rise. He noted that if $83,000 holds, it would demonstrate sellers cannot force the price back into its previous trading band.
A sustained break below $82,000 to $83,000 would signal that September's breakout has failed. In that scenario, Bitcoin could retreat toward $80,000 to $81,500, according to Subburaj. Alex Kuptsikevich, chief market analyst at FxPro, placed support slightly higher near $84,000, warning that a breach could open the door to $80,000.
The stair-step pattern matters because each flat range has historically preceded a sharp rally to higher levels. This structure suggests buyers are absorbing selling pressure during sideways periods before pushing prices upward. As long as Bitcoin holds above key support, the pattern indicates buying interest remains robust.
Analysts will closely monitor whether $83,000 support holds in coming sessions. A failure there could mark the first meaningful breakdown of the pattern since July, potentially shifting market sentiment bearish. Conversely, stability above that level would reinforce the ongoing bullish structure and keep the stair-step trajectory alive.
