Bitcoin is encountering resistance at the 200-hour Simple Moving Average (SMA), currently near $88,000, according to Coindesk analyst Omkar Godbole. This level has restricted upward movement since Monday. A more significant resistance zone lies between $98,000 and $99,000, which has previously marked intraday lows. On the downside, the critical support level is at $83,680, where the 100-week SMA aligns with a macro bullish trendline. A breach of this support could signal a bearish reversal, potentially leading to further declines. The next support is at $74,500, a level that previously halted selling pressure in April.