The Bitcoin price began a new decline under the support of $85,000. BTC has to remain above the $80,000 area in order for it not to suffer further losses.
- Bitcoin has started to decline again from its $86,500 level.
- This price has fallen below the Simple 100 hourly Moving average and $82,500.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $83,800 (data from Kraken).
- If it does not stay above $85,000, the pair may start a new decline.
Bitcoin price drops dramatically
Bitcoin’s price moved up to $88,500 but failed at the level. decline. BTC dropped below $86,500 and 85,000 levels.
Even the price dropped below $82,000. The price even tested the $82,000 zone. The price has now consolidated its losses after a low at $80,000 was established. The price is showing many signs of bearishness below the level where the Fib retracement for the down wave from $86,934 to $80,000 has been calculated.
Bitcoin’s price has fallen below $82,200. 100 hourly Simple moving average. The $81,650 mark is the immediate upward resistance. First key resistance near $83,500 or 50% Fib level of downward wave from $86,934 high to $80,000 low.
A connecting trend line is also developing with resistance located at $83,800 in the BTC/USD hourly chart. Next, the key resistance might be $85,000. If the price closes over the $85,000 level, it could send the market higher. The price may rise to test $86,500 as resistance in the case stated. Further gains could push the price to the $88,000-level or even lower.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance level of $85,000. The immediate support at the bottom is around the $80.000 level. First major support near $78,500.
Near the zone of $76,200, we are now approaching our next support. If the market continues to fall, it could soon reach the $75,000 level. The primary support lies at $73,500.
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 – $80,000, followed by $78,500.
Major Resistance Levels – $83,800 and $85,000.
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Source: www.newsbtc.com
