Bitcoin Price Drops Again—Is $80K the Last Defense for Bulls?
Bitcoin’s price starts to be below $88,000 in support. BTC must stay on the $80,000 area to avoid more losses in the short term.
- Bitcoin began to decline from the $92,500 region.
- Prices trade below $88,000 and the 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 $86,150 (from Kraken’s feed).
- If the area above $82,000 is not maintained, the couple may drop again.
Bitcoin price drops further
Bitcoin price can’t stay above the $92,500 level and starts New decline. BTC declines below the $90,000 and $88,000 support levels.
Prices are even below the $85,000 level. It tested the $80,000 area. The low price is $80,525 and the current price is consolidating the loss. It returns to the $83,500 level and moves downward from the $89,203 swing high to the $80,525 low of FIB retracement level.
Bitcoin price is now trading below $85,200, 100-hour simple moving average. On the plus side, immediate resistance is close to the $85,000 level, or drops from the $89,203 swing high to the $80,525 low to the 50% FIB retracement level.
The first key resistance is the $85,500 level. In the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $86,150.
The next key resistance could be $87,150. Turning off resistors above $87,150 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $88,500. More gains may shift the price to the $90,000 level, or even $90,500.
Another drop of BTC?
If Bitcoin fails to exceed the $86,000 resistance zone, a new decline may begin. Immediate support on the downside is the $83,000 level. The first major support is close to $82,000.
The next support is now near the $81,200 area. In the short term, more losses may send the price to $80,000 in support. The main support is $78,500.
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 – $82,000, followed by $80,000.
Major resistance levels – $85,000 and $86,000.
