The hourly price action shows that BTC is already a key support area at $83,600 that could cushion the downtrend. As the daily chart is still bullish, traders should be careful not to take oversized.

However, every technical indicator in this lower timeframe is pointing to a bearish outlook. First, the Relative Strength Index (RSI) currently stands at 31% below the signal line and has already retested it two times – meaning that the downtrend has legs.

In addition, the MACD shows steadily increasing negative momentum readings. The odds favor a drop below this support level during the American session. A short position here if the price breaks below the $83,000 level would offer an attractive risk-reward ratio of 1.7 and even higher depending on where the stop price is set.

If that break occurs, BTC could drop to the $81,000 level as no relevant support stands in the way.

Can it break through that barrier and touch the $80K mark again? It is still too early to tell but negative momentum seems to be accelerating and a retest of this key level is certainly possible now that the Fed meeting is in the rearview mirror.