Despite the current price decline, Bitcoin is still holding above the $84,000 support level, as analysts continue to debate the market's direction amidst uncertainty about a potential deeper correction or a temporary pause in a longer-term uptrend.

Bitcoin's price has recently fallen below $85,000, marking the end of a brief period of stability just under the $88,000 resistance level.

If Bitcoin fails to hold above the $82,000 support level, it could face intensified selling pressure, potentially dropping below $80,000 and confirming a deeper market correction.

Currently trading at $84,100, Bitcoin has lost key moving averages, placing it in a precarious position that favors bearish sentiment; maintaining support above $82,500 is crucial for bulls to regain control.

The next few days are critical for Bitcoin's trajectory, with bulls needing to act swiftly to re-establish momentum above the $85,000 mark.

The current global market volatility, driven by geopolitical tensions and fragile investor sentiment, is impacting both traditional and crypto markets.

Analyst Quinten Francois notes that the decline in Over-the-Counter (OTC) desk balances since January 2022 reflects a growing demand from large buyers, suggesting potential confidence in the market's future.

Data from CryptoQuant indicates that despite the price drop, OTC desks are experiencing significant outflows, which suggests increased institutional accumulation of Bitcoin.