Bitcoin’s latest sell-off has not yet broken the broader bullish structure that has developed over the past several months, with BTC still trading inside its most recent range.

The cryptocurrency fell to about $84,200 on Wednesday, down more than 2% from roughly $86,500 a day earlier, according to CoinDesk data. Even after the decline, bitcoin remained within the $83,000-$87,000 range that has held for the past two weeks.

“The October 7 decline does not invalidate Bitcoin’s stair-step rise,” Vikram Subburaj, CEO of Indian crypto exchange Giottus, told CoinDesk.

Bitcoin has formed a series of progressively higher trading ranges since July. Each range has been followed by a sharp advance, producing the staircase-like price structure that traders refer to as a stair-step pattern.

From mid-July through Aug. 18, BTC traded between approximately $62,000 and $67,000 before rising 21% over the next three days.

The cryptocurrency then spent late August through mid-September in a $76,000-$81,500 range. A 6.6% rally from Sept. 19 to Sept. 21 pushed bitcoin into another higher trading zone.

Since then, BTC has mostly remained between $83,000 and $87,000.

“After moving above $81,500, Bitcoin established a new range of roughly 83,000-87,000. If $83,000 holds, it would show that sellers cannot force the price back into its previous trading band,” Subburaj said.

The $83,000 mark has consequently become a crucial downside threshold. A clear break beneath it would weaken the current staircase formation.

Subburaj said bitcoin would show a failed September breakout if it sustained a move below $82,000-$83,000, potentially sending the cryptocurrency back toward $80,000-$81,500.

Alex Kuptsikevich, chief market analyst at FxPro, sees $84,000 as the nearest key support. Losing that level could leave bitcoin vulnerable to a decline toward $80,000, he said.

BTC was trading near $84,300 at the time of writing.