Bitcoin price started a fresh decline from the $90,000 zone. BTC is back below $82,500 and might continue to move down below $78,000.
- Bitcoin started a fresh decline below the $82,000 zone.
- The price is trading below $80,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $82,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another decline if it fails to clear the $82,000 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price began a notable decline below the $85,000 level. Recently, BTC has traded beneath both the $83,000 and $80,000 support levels, ultimately testing the $76,500 support zone.
A low was recorded at $76,818, followed by a period of consolidation. During this phase, the price managed to move above the resistance levels of $78,000 and $78,500. Consequently, bulls pushed the price toward the 23.6% Fibonacci retracement level of the downward move from the $91,060 swing high to the $76,818 low.
Currently, Bitcoin price is trading below $80,000 as well as the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $80,200 mark, while the first key resistance level is positioned around the $82,000 level.
Furthermore, there is a significant bearish trend line forming with resistance identified at $82,200 on the hourly chart for the BTC/USD pair. The next potential resistance might be at $84,000, coinciding with the 50% Fibonacci retracement level of the decline from the $91,060 swing high to the $76,818 low.
A close above the $84,000 resistance could propel the price further upwards. In this scenario, the price may rise to test the $85,500 resistance level. Continued bullish momentum could even drive the price towards $88,000 or $96,200.
Another Drop In BTC?
Should Bitcoin fail to break above the $82,000 resistance zone, it might initiate another decline. Immediate support exists near the $77,200 level, while the first major support is near $76,500.
Subsequent support is identified at the $75,000 level. Any further decline may push the price towards the $72,000 support zone in the near term, with the primary support sitting at $70,000.
Technical indicators are showing:
- Hourly MACD: The MACD is currently losing momentum within the bearish zone.
- Hourly RSI: The RSI for BTC/USD is now below the 50 level.
Major Support Levels: $76,500, followed by $75,000.
Major Resistance Levels: $80,000 and $82,000.
