Bitcoin Dives, $80K Breakout in Jeopardy
Bitcoin’s price starts to be below $85,000 in support. BTC must stay on the $80,000 area to avoid more losses in the short term.
- Bitcoin began to decline from the $86,500 region.
- Prices traded below $82,500 and a 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $83,800 (from Kraken’s feed).
- If the area above $85,000 is not maintained, the couple may drop again.
Bitcoin price drops sharply
Bitcoin price can’t stay above the $88,500 level and starts fresh decline. BTC declines below the $86,500 and $85,000 support levels.
Prices are even below the $82,000 level. It tested the $80,000 area. The low price is formed at $80,000 and the current price is consolidating the losses. It shows many bearish signs below the 23.6% FIB retracement level of the downward wave, from a swing of $86,934 to $80,000.
Bitcoin price is now trading below $82,200. 100-hour simple moving average. On the plus side, immediate resistance is close to the $81,650 level. The first key resistance is close to the $83,500 level, or the 50% FIB retracement level of the downward tide, from a swing height of $86,934 to $80,000.
On the hourly table of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $83,800. The next key resistance could be $85,000. Turning off resistors above $85,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $86,500. More gains could shift the price to the $88,000 level, or even $88,500.
More losses in BTC?
If Bitcoin fails to exceed the $85,000 resistance zone, a new decline may begin. Support immediately at the $80,000 level. The first major supports near $78,500 levels.
Now, the next support is near the $76,200 area. In the short term, more losses could send the price to $75,000 in support. The main support is $73,500.
Technical indicators:
Hourly MACD – MACD is now reaching pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $80,000, followed by $78,500.
Major resistance levels – $83,800 and $85,000.
