Bitcoin declined in its recent intraday sessions, due to the steadfast key resistance at $84,520.

This occurred amid the dominance of a short-term bearish trend, with the price trading along a trendline, and the emergence of a negative RSI crossover after reaching excessively overbought levels compared to the price action.

The price is nearing support provided by its 50-day simple moving average.

It is also finding support from a bearish technical formation—a rising wedge—poised for a breakdown.

READ ALSO: Oil Gains Slightly On Mideast Risks, China Stimulus, Uncertain Ukraine Talks

Analysts at Economic.com said they expect Bitcoin’s price to decline in the upcoming sessions, as long as the resistance at $84,520 holds, targeting the key support level at $80,000.