Bitcoin has begun a new decline, dropping below the $83,500 level. BTC is currently consolidating its losses and may initiate another drop beneath the $80,000 mark.
- Bitcoin has experienced a new decline below the $82,000 threshold.
- The price is currently trading below $81,200 and the 100-hour Simple Moving Average.
- A breakdown occurred below a connecting bullish trend line, which had support at $83,000 on the hourly chart for the BTC/USD pair (data sourced from Kraken).
- The pair could potentially begin another upward movement if it surpasses the $80,500 area.
Bitcoin Price Dips Below Support
Bitcoin’s price struggled to hold above the $83,500 mark and has begun a fresh decline. BTC traded below the $83,000 and $82,000 levels, entering into a bearish zone.
A break occurred below a connecting bullish trend line with support at $83,000 on the hourly chart for the BTC/USD pair. The price fell below the $80,000 support zone, hitting a low of $77,057 before starting a recovery wave.
A bounce occurred above the $78,800 level, climbing past the 23.6% Fib retracement of the recent decline from the $83,680 swing high to the $77,057 low. Nonetheless, the price is currently struggling to maintain higher levels.
Bitcoin’s price is trading below $81,500 and the 100-hour Simple Moving Average. Immediate resistance is observed around the $80,000 level, with the first key resistance near the $80,500 line or the 50% Fib retracement level of the recent decline from the $83,680 swing high to the $77,057 low.
The next significant resistance could be at $81,500. A close above this level may propel the price higher. In that scenario, the price could aim for the $82,500 resistance level, with further gains possibly targeting the $83,500 range.
Is Another Decline Coming for BTC?
Should Bitcoin fail to surpass the $80,500 resistance zone, it may initiate another decline. Immediate support is located near the $77,500 level, while the first major support sits around $77,000.
Additional support now appears near the $76,500 zone. Further losses could push the price toward the $75,000 support in the near term, with the main support established at $74,200.
Technical indicators:
Hourly MACD – The MACD is currently gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently below the 50 mark.
Major Support Levels – $77,500, followed by $77,000.
Major Resistance Levels – $80,000 and $80,500.
