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Bitcoin has begun a new decline after it reached the $92,000 area. BTC price is now below $85,500. It could go further down to below $80,000.
- Bitcoin has started to decline again below $85,000.
- This price has fallen below $85,000, and is now trading under the 100-hour Simple moving average.
- A short-term trend line is developing with resistance near $83,200 in the BTC/USD hourly chart (data feed by Kraken).
- If the pair fails to break through $80,000, it could begin a new decline.
Bitcoin price faces resistance
Bitcoin’s price has started to decline again below $88,000. BTC traded between the $86,000- and $85,000-level support. Last but not least, BTC traded below the support levels of $86,000 and $85,000. $80,000 support zone.
The price has recently begun a new recovery after forming a low at $80,006; The price moved above $80,500 resistance and $81,200 support levels. Bulls drove the price to the Fib 23.6% retracement of the decline from the swing high $91,060 to the low $80,006 level.
Bitcoin is currently trading at a price below $85,000. 100 hourly Simple moving average. The immediate resistance on the upside is located near $82,700. The initial key resistance lies near the $83,000 mark.
On the hourly BTC/USD chart, there is also an emerging short-term trendline with resistance around $83,200. Next, the key resistance might be $85,000. The price is close to the Fib 50% retracement of the decline from the swing high at $91,060 down to the low $80,006.
If the price closes above $85,000, it could send it higher. Price could test $87.500 level in this case. If the price continues to rise, it could reach the $96,200 level or $90,000.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance level of $83,000. Near the $81,000 mark, there is immediate support for the downside. First major support near $80,200.
Now, the next level of support is close to $80,000. In the short term, any further losses could send the price towards the $78,000 level. The primary support for the price is $78,000.
The following are technical indicators.
Hourly MACD – The MACD is now losing 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 $78,000.
Major Resistance Levels – $83,000 and $85,000.
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Source: www.newsbtc.com
