Bitcoin price started a fresh decline below the $85,000 support. BTC must stay above the $80,000 zone to avoid more losses in the near term.
- Bitcoin started a fresh decline from the $86,500 zone.
- The price is trading below $82,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $83,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another decline if it fails to stay above the $85,000 zone.
Bitcoin Price Dips Sharply
Bitcoin price failed to stay above the $88,500 level and started a fresh decline. BTC declined heavily below the $86,500 and $85,000 support levels.
The price even dived below the $82,000 level. It tested the $80,000 zone, where a low was formed, and is now consolidating losses. Currently, it shows many bearish signs below the 23.6% Fibonacci retracement level of the downward wave from the $86,934 swing high to the $80,000 low.
Bitcoin price is now trading below $82,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $81,650 level, while the first key resistance is around the $83,500 mark, correlating with the 50% Fibonacci retracement level from the recent downward wave.
A connecting bearish trend line is forming with resistance at $83,800 on the hourly chart of the BTC/USD pair. The next key resistance may emerge at $85,000. Should the price close above this level, we could see a move towards $86,500 and potentially as high as $88,000 or $88,500.
More Losses In BTC?
If Bitcoin fails to rise above the $85,000 resistance zone, it could initiate another decline. Immediate support on the downside is near the $80,000 level, followed by a significant support point at $78,500.
Further declines might lead the price to the next support area near $76,200, with additional losses potentially driving the price down to around $75,000 in the near term. The main support currently holds at $73,500.
Technical indicators confirm this bearish sentiment:
Hourly MACD – The MACD is currently gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD now remains below the 50 level.
Major Support Levels – $80,000, followed by $78,500.
Major Resistance Levels – $83,800 and $85,000.
