Bitcoin Price Dives Once More—Is a Deeper Correction Underway?
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Bitcoin price began to drop from the $92,000 region. BTC returns below $85,500 and may continue to drop below $80,000.
- Bitcoin begins a new decline in the area below $85,000.
- Prices trade below $85,000 and the 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a short-term bearish trend line forming with a resistance of $83,200 (from Kraken’s feed).
- If the $80,000 resistance zone is not cleared, the couple may drop again.
Bitcoin price faces resistance
Bitcoin’s price starts to fall below the $88,000 level. BTC trades below the $86,000 and $85,000 support levels. Finally, the price was tested $80,000 Support Zone.
The low price is $80,006, and the price has recently begun a wave of recovery. Move the resistance level above $80,500 and $81,200. The Bulls pushed the price to a 23.6% FIB retracement level, from a swing speed of $91,060 to a low of $80,006.
Bitcoin prices are now trading at prices below $85,000, 100-hour simple moving average. On the plus side, immediate resistance is close to the $82,700 level. The first key resistance is the $83,000 level.
In the hourly chart of the BTC/USD pair, there is also a short-term bearish trend line forming with a resistance of $83,200. The next key resistance could be $85,000. It is close to a 50% FIB retracement level from a swing height of $91,060 to a low of $80,006.
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 $87,500. More gains could shift the price to the $90,000 level, or even $96,200.
Another decline in BTC?
If Bitcoin fails to exceed the $83,000 resistance zone, a new decline may begin. Immediate support on the downside is the $81,000 level. The first major supports near $80,200 levels.
Now, the next support is near the $80,000 area. In the short term, more losses may send the price to $78,000 in support. The main support is $75,000.
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 – $80,000, followed by $78,000.
Major resistance levels – $83,000 and $85,000.
