Bitcoin Price Cracks $80K Support—Is a Deeper Correction Coming?
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Bitcoin price began to drop from the $90,000 region. BTC returns below $82,500 and may continue to drop below $78,000.
- Bitcoin started a new decline in the area below $82,000.
- Prices traded under $80,000, a simple moving average per hour.
- In the hourly chart of the BTC/USD pair, there is a key bearish trend line with a resistance of $82,200 (data feed from Kraken).
- If the $82,000 resistance zone is not cleared, the couple may drop again.
Bitcoin price faces obstacles
Bitcoin price begins to fall below $85,000. BTC trades below the $83,000 and $80,000 support levels. Finally, the price tested the $76,500 support zone.
The low price is $76,818, and the price has recently begun the merger phase. Over $78,000 and $78,500 resistance levels. The Bulls pushed the price to a 23.6% FIB retracement level, from a swing high of $91,060 to a low of $76,818.
Bitcoin price is now trading below $80,000, 100-hour simple moving average. On the plus side, immediate resistance is close to the $80,200 level. The first key resistance is close to the $82,000 level.
There is also a key bearish trend line in the hourly chart of the BTC/USD pair with a resistance of $82,200. The next key resistance could be $84,000. It is close to a 50% FIB retracement level from a swing height of $91,060 to a low of $76,818.
Turning off resistors above $84,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $85,500. More gains could shift the price to the $88,000 level, or even $96,200.
Another drop of BTC?
If Bitcoin fails to exceed the $82,000 resistance zone, a new decline may begin. Immediately support at a disadvantage close to $77,200 level. The first major support is close to $76,500.
Now, the next support is near the $75,000 area. In the short term, more losses could send the price to $72,000 in support. The main support is $70,000.
Technical indicators:
Hourly MACD – MACD is now losing pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $76,500, followed by $75,000.
Major resistance levels – $80,000 and $82,000.
