Bitcoin hovered above $82,500 on Wednesday, a level Simon-Peter Massabni of XS.com called the most significant support. He warned that a decisive and sustained break below $82,500 could hand control to sellers and risk a fall towards $70,000, implying a potential further decline of 15%. Market maker Wintermute also suggested a similar downside scenario. Massabni noted that Bitcoin's fate is once again tied to tech stocks, with its correlation to Nasdaq strengthening, challenging the notion of Bitcoin as an independent safe-haven asset.