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Bitcoin’s price has started a new decline under the $85,000 area. BTC may now struggle to climb above $83,500.
- Bitcoin began a new decline beneath the $83,500 zone of support.
- Price is below the Simple Moving Average of 100 hours and $83,200.
- On the hourly BTC/USD chart, there is a bearish line connecting with a resistance of $82,750 (data from Kraken).
- If the pair stays below $83,500, it could begin another downward trend.
Bitcoin price drops further
The Bitcoin price has failed to stay above $2,000 $85,500 level. BTC began another downturn and was trading below the $85,000 support zone. The bears increased their strength to move the price below $83,500.
Even below $82,000, the price dropped. The price has now reached a low of $81,586. It is consolidating its losses under the 23.6% Fib level.
Bitcoin’s price has fallen below $82,500. 100 hourly Simple moving average. The immediate upward resistance lies near $82,000. First key resistance near $82,750. A bearish line is forming on the hourly BTC/USD charts with resistance near $82,750.
The trendline is close to the Fib retracement of the move downward from the swing high $83,500 to the swing low $81,586. It is possible that $83,500 will be the next major resistance. The price could rise if it closes above $83,500. Price could test and rise above the $84,200 level in this case. If the price gains more, it could reach the $84,800 or $85,000 level.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $83,500. The immediate support for the downside lies near the $81,800 mark. Near the $81,500 support level, we find our first significant support.
Now, the next level of support lies in the vicinity of $80.650. In the short term, any further losses could push the price towards the $80,000 support. The primary support is $78,500.
Indicators of 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 – $81,500, followed by $80,650.
Major Resistance Levels – $82,750 and $83,500.
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Source: www.newsbtc.com
