Bitcoin Price Declines Below $85,000 Amid Bearish Trend

Bitcoin price has declined from the $92,000 zone and is currently below $85,500, with potential for further decline.

BTC is trading below $85,000 and the 100 hourly Simple Moving Average.
A bearish trend line has formed with resistance at $83,200.
If BTC fails to surpass the $80,000 resistance, it may continue to decline.

Current Price Dynamics

Recent movements show Bitcoin dropping below the $88,000 level, testing key support at $80,006. A short recovery occurred above $80,500 and $81,200, but current trading is below $85,000.

Immediate resistance is near $82,700, with significant resistance at $83,000 and $85,000, which aligns with the 50% Fib retracement level of the recent downward move.

A close above $85,000 could lead to a rise toward $87,500 or higher levels up to $96,200.

Potential Decline Ahead

Failure to break the $83,000 resistance may trigger a new decline. Immediate support is at $81,000, with major supports at $80,200 and $80,000. Further losses could push BTC down to $78,000, while the main support level sits at $75,000.

Technical indicators are showing:

Hourly MACD losing pace in the bearish zone
Hourly RSI below 50

Major support levels are $80,000 and $78,000; major resistance levels are $83,000 and $85,000.