Bitcoin Under Pressure, but Bullish Stair-Step Pattern Holds: Critical Level at USD 83,000

Bitcoin came under renewed selling pressure in Wednesday's trading (7/10), with the price sliding to USD 84,200 from Tuesday's level around USD 86,500. Even so, the leading cryptocurrency has not left the consolidation range that has held for the past two weeks, keeping intact the gradual bullish trajectory in place since mid-year.

The decline does not immediately reverse the uptrend that has formed. Since July, Bitcoin has moved in a stair-step pattern—a series of flat ranges, each higher than the last. Sharp rallies form the "steps" to new levels, while weeks of sideways trading form the "landings" in between. Historically, this pattern points to healthy accumulation with little panic volatility.

Price movement data reinforces that picture. From mid-July to August 18, Bitcoin traded in the USD 62,000–67,000 range. After that, the price jumped 21% in just three days. The next flat phase ran from late August to mid-September, with a range of USD 76,000–81,500. A sudden 6.6% gain occurred on September 19–21, carrying the price to a new landing around USD 83,000–87,000, where it remains today.

Vikram Subburaj, CEO of Indian crypto exchange Giottus, judges that the October 7 decline does not invalidate Bitcoin's stair-step pattern. According to him, if the USD 83,000 level holds, it would prove that selling pressure is not strong enough to push the price back into its previous trading range. "After moving above USD 81,500, Bitcoin formed a new range around USD 83,000–87,000. If USD 83,000 holds, it shows sellers cannot force the price down to the old band," he said.

Subburaj added that a sustained break below USD 82,000–83,000 would signal the failure of the September breakout and open the door for a return to the USD 80,000–81,500 area. Meanwhile, Alex Kuptsikevich, head market analyst at FxPro, sees support slightly higher, around USD 84,000. If that level breaks, the door to USD 80,000 would open wide.

For Indonesian investors, this dynamic is worth watching. Bitcoin remains the cryptocurrency with the largest market capitalization and often serves as a market barometer. BTC price moves frequently influence altcoin sentiment and trading volume on domestic exchanges such as Indodax and Pintu. In addition, fluctuations in the rupiah's exchange rate against the US dollar can amplify the impact of Bitcoin price changes on local investors' portfolios. Monitoring support and resistance levels is therefore crucial for managing risk.

Looking ahead, the main question is whether USD 83,000 will hold as a new landing or instead become the turning point for a deeper correction. If that level is defended, the bullish stair-step pattern could continue with the next target above USD 87,000. Conversely, a failure to hold support could trigger further selling and retest the USD 80,000 area. Market participants are now waiting to see whether positive momentum is still strong enough to prop up the price, or whether this correction will mark the start of a larger one.