Bitcoin price started a fresh decline below the $83,500 zone. BTC is consolidating losses and might start another decline below the $80,000 level.
- Bitcoin started a fresh decline below the $82,000 zone.
- The price is trading below $81,200 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $80,500 zone.
Bitcoin Price Dips Below Support
Bitcoin price failed to settle above the $83,500 level and started a fresh decline. BTC traded below the $83,000 and $82,000 levels to enter a bearish zone.
There was a break below a connecting bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair. The pair even dived below the $80,000 support zone. A low was formed at $77,057 and the price started a recovery wave.
A move above the $78,800 level was noted. The price climbed above the 23.6% Fibonacci retracement level of the recent decline from the $83,680 swing high to the $77,057 low. However, the price is struggling to continue higher.
Currently, Bitcoin price is trading below $81,500 and the 100 hourly Simple moving average. Immediate resistance is near the $80,000 level, while the first key resistance is near the $80,500 level or the 50% Fibonacci retracement level of the recent decline from the $83,680 swing high to the $77,057 low.
The next key resistance could be $81,500. A close above this level might lead to further upward momentum. In that case, the price could rise and test the $82,500 resistance level. Any significant gains could potentially push the price toward the $83,500 mark.
Another Decline In BTC?
If Bitcoin fails to rise above the resistance at $80,500, it may initiate a fresh decline. Immediate support on the downside is located near the $77,500 level, with the first major support at $77,000.
The next support level is now around the $76,500 zone, with any further losses potentially directing the price towards the $75,000 support in the near term. The primary support is situated at $74,200.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently below the 50 level.
Major Support Levels – $77,500, followed by $77,000.
Major Resistance Levels – $80,000 and $80,500.
