Bitcoin Price Declines Below $80,000 Support Level Amid Bearish Trends
Bitcoin is experiencing a decline from the $90,000 zone, currently trading below $82,500.
- Fresh decline initiated below $82,000.
- Price is under $80,000 and the 100-hourly Simple moving average.
- Key bearish trend line forms resistance at $82,200 on the hourly chart.
- Further decline possible if resistance at $82,000 is not cleared.
Current Price Movement
Bitcoin has dropped below $85,000, testing support around $76,500, with a low at $76,818. A consolidation phase followed, with attempts to rise above $78,000 and $78,500.
Now below $80,000 and the 100-hourly Simple moving average, immediate resistance lies at $80,200, while the first key resistance is at $82,000.
Resistance could also be encountered at $84,000, near the 50% Fibonacci retracement level from the recent high of $91,060 to the low of $76,818.
A close above $84,000 might lead to further gains toward $85,500, with potential targets at $88,000 and $96,200.
Potential for Further Decline
If Bitcoin does not surpass $82,000, it may see a new decline. Immediate support is near $77,200, followed by major supports at $76,500 and $75,000. Losses could extend to $72,000 and a main support level at $70,000.
Technical indicators show:
- Hourly MACD losing pace in the bearish zone
- Hourly RSI below 50
- Major supports at $76,500 and $75,000
- Major resistances at $80,000 and $82,000