The price of Bitcoin has initiated a new downward trend from the $90,000 area. BTC has fallen below $82,500 and may continue to decline beneath the $78,000 mark.
- Bitcoin has begun a new decline under the $82,000 threshold.
- The price is currently below $80,000 and the 100 hourly Simple Moving Average.
- A significant bearish trend line is forming, with resistance at $82,200 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- The pair may initiate another downturn if it is unable to surpass the $82,000 resistance zone.
Challenges for Bitcoin Price
Bitcoin price has started a new decline beneath the $85,000 level. BTC traded below both $83,000 and $80,000 support levels, eventually testing the $76,500 support zone.
A low was established at $76,818, and the price has recently entered a consolidation phase. There was a movement above the $78,000 and $78,500 resistance levels, as bulls aimed to push the price toward the 23.6% Fibonacci retracement level of the downward movement from $91,060 to $76,818.
Bitcoin is now trading below $80,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is identified around the $80,200 mark, while the first key resistance stands near $82,000.
Additionally, a key bearish trend line is forming with resistance at $82,200 on the hourly chart of the BTC/USD pair. The next significant resistance might appear at $84,000, which coincides with the 50% Fibonacci retracement level of the drop from $91,060 to $76,818.
A close above the $84,000 resistance could propel the price upward. In this scenario, the price might reach the $85,500 resistance level. Further gains could boost the price toward $88,000 or even $96,200.
Is Another BTC Decline Imminent?
Should Bitcoin fail to break through the $82,000 resistance zone, it may start a fresh descent. Immediate support on the downside is located near the $77,200 level, with the primary support sitting at around $76,500.
The next support is observed near the $75,000 region. Additional losses might push the price down toward the $72,000 support level in the short term, with the main support level at $70,000.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $76,500, followed by $75,000.
Major Resistance Levels – $80,000 and $82,000.
