Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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. A low was formed at $80,000 and the price is now consolidating losses. It is showing many bearish signs below the 23.6% Fib 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. The first key resistance is near the $83,500 level or the 50% Fib retracement level of the downward wave from the $86,934 swing high to the $80,000 low.
There is also a connecting bearish trend line forming with resistance at $83,800 on the hourly chart of the BTC/USD pair. The next key resistance could be $85,000. A close above the $85,000 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $88,500.
More Losses In BTC?
If Bitcoin fails to rise above the $85,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $80,000 level. The first major support is near the $78,500 level.
The next support is now near the $76,200 zone. Any more losses might send the price toward the $75,000 support in the near term. The main support sits at $73,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $80,000, followed by $78,500.
Major Resistance Levels – $83,800 and $85,000.
