Bitcoin Price Declines Below $83,500; Next Support at $81,500

Bitcoin Price Update

Bitcoin price declined below the $85,000 zone and is currently consolidating.
The price is trading under $83,200 and below the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $82,750 on the hourly chart.
If Bitcoin remains below $83,500, further declines are possible.

Recent Performance

Bitcoin failed to hold above $85,500 and moved below the $83,500 support. The lowest point reached was $81,586. Currently, Bitcoin is trading beneath the 23.6% Fibonacci retracement level from the recent high.

Immediate resistance is around $82,000 and key resistance at $82,750. A close above $83,500 could lead to an increase towards $84,200 or higher.

Potential Decline Risks

If Bitcoin does not surpass the $83,500 mark, it may decline further. Immediate support is near $81,800, followed by $81,500 and $80,650. Major support is at $78,500.

Technical Indicators:

MACD indicates increasing bearish momentum.
RSI for BTC/USD is below 50.

Major Support Levels: $81,500, $80,650

Major Resistance Levels: $82,750, $83,500