Bitcoin Price Declines Below $85,000, Testing $80,000 Support

Bitcoin price is experiencing a decline, trading below $82,500 and recently falling beneath the $85,000 support level.

• Current price action shows Bitcoin started a decline from $86,500.
• Price tested the $80,000 zone, forming a low at this level.
• Trading occurs below the 100 hourly Simple Moving Average.
• A bearish trend line has formed with resistance at $83,800.
• Immediate resistance is near $81,650; key resistance is at $83,500.
• Support levels are at $80,000, $78,500, and $76,200.
• Technical indicators show a bearish MACD and RSI below 50.

If Bitcoin cannot rise above $85,000, further declines are likely, potentially reaching $75,000 or lower.