Bitcoin Price Declines Below $85,500 as Resistance Forms
Bitcoin is experiencing a decline below the $85,500 zone, currently trading under $85,000. Key points include:
- Trading below $85,000 and the 100 hourly Simple Moving Average.
- A bearish trend line forms resistance at $84,800 on the hourly chart.
- A potential increase could occur if Bitcoin clears the $85,000 zone.
Price Analysis
Recent movements show:
- Bitcoin tested $83,200 support, forming a low at $83,171.
- The price has corrected above $83,800, surpassing the 50% Fib retracement level from the $86,401 high to the $83,171 low.
- Immediate resistance lies around $84,750; significant resistance is near $85,150 and $85,500.
A close above $85,500 may lead to a rise towards $85,800 and potentially $86,400.
Potential Decline
If Bitcoin does not rise above $85,000, further declines may occur:
- Immediate support at $83,900.
- Major support levels are $83,200, $82,200, and $80,800.
Technical indicators show a weakening MACD in the bearish zone and an RSI near 50.