The price of Bitcoin has begun a new decline, falling below the $80,000 threshold. Currently, BTC is attempting to recover from its losses and may encounter resistance around the $80,500 level.
- Bitcoin has initiated a new decline beneath the $80,000 threshold.
- The price is currently positioned below $81,500 and the 100-hour Simple Moving Average.
- A bearish trend line is forming, presenting resistance at $80,400 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may experience a renewed surge if it surpasses the $81,500 level.
Bitcoin Price Begins Recovery
The price of Bitcoin has initiated a decrease below both the $82,000 and $81,200 levels. BTC traded under the $80,500 and $80,000 levels, entering a bearish territory.
It even dropped beneath the $78,000 support level, hitting a low of $74,409 before starting a recovery trend. The price rebounded above the $76,800 level and climbed past the 50% Fib retracement level of the recent downturn from the $83,680 swing high to the $74,409 low.
However, the price is facing difficulties in maintaining upward momentum. Bitcoin is currently trading below $81,200 and the 100-hour Simple Moving Average. Immediate resistance lies near the $80,400 level, with a bearish trend line forming at this level on the hourly chart of the BTC/USD pair.
The primary resistance level to watch is around $81,500 or the 76.4% Fib retracement level of the recent decline from the $83,680 swing high to the $74,409 low. Subsequent resistance could occur at $82,500. A close above this level may lead to a price increase towards the $83,500 resistance level. Continued upward movement could target the $85,000 mark.
Potential Further Decline in BTC?
If Bitcoin does not manage to exceed the $80,500 resistance zone, another decline may commence. Immediate support lies close to the $79,500 level, while the first major support is near $78,000.
The next support level is around $76,500. Further losses may lead the price to the $75,000 support level in the near future, with the key support resting at $74,400.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 mark.
Major Support Levels – $79,500, followed by $78,000.
Major Resistance Levels – $80,500 and $81,500.
