Bitcoin Price Declines Below $83,500 Amid Resistance Challenges

Bitcoin (BTC) price is experiencing a decline, trading below the $83,500 mark and facing resistance at $83,850.

BTC has declined below the $83,200 support zone.
Current trading is below $83,000 and the 100 hourly Simple Moving Average (SMA).
A bullish trend line is forming with support at $82,550 on the hourly chart.
Another decline could occur if BTC remains below the $83,850 resistance level.

Price Dynamics

Bitcoin failed to recover above $85,500 and moved below the $83,500 support area. A low was established at $81,320 before a minor recovery occurred. The price briefly exceeded $82,500 but encountered selling pressure near $83,850.

Currently, BTC trades below $83,250, below the 100 hourly SMA. Immediate resistance exists around $83,250; key resistance is at $83,850. A close above $84,200 could push the price towards $84,800, and potentially $85,000 or $85,500.

Potential for Further Decline

If Bitcoin does not surpass $83,850, further declines are possible. Immediate support is at $82,550, followed by major supports at $82,250 and $81,250. Losses could extend towards $80,000, with significant support at $78,500.

Technical indicators show:

MACD is losing momentum in the bearish zone.
RSI is below the 50 level.

Major support levels are $82,250 and $81,250. Major resistance levels are $83,250 and $83,850.