Bitcoin Price Update

Bitcoin price started a fresh decline from the $90,000 zone, moving back below $82,500 and potentially continuing downwards past $78,000.

• Bitcoin began a fresh decline below the $82,000 zone.
• The price is currently trading below $80,000 and the 100 hourly Simple Moving Average.
• A key bearish trend line is forming with resistance at $82,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair may start another decline if it fails to clear the $82,000 resistance zone.

Bitcoin Price Faces Hurdles

Bitcoin has experienced a decline below the $85,000 level, trading beneath $83,000 and $80,000 support levels. It tested the $76,500 support zone where a low was formed at $76,818, followed by a recent consolidation phase.

Bitcoin moved above the $78,000 and $78,500 resistance levels as bulls pushed the price towards the 23.6% Fibonacci retracement level of the downward move from the $91,060 swing high to the $76,818 low.

Currently, the price is trading below $80,000 and the 100 hourly Simple Moving Average. The immediate resistance level is near $80,200, while the first key resistance is around $82,000. Another bearish trend line is forming with resistance at $82,200. The next significant resistance could be at $84,000, close to the 50% Fibonacci retracement level of the drop from the $91,060 swing high to the $76,818 low.

A close above $84,000 might push the price higher, with potential to test the $85,500 resistance level. Further gains may lead to a rise towards the $88,000 or even $96,200.

Possible BTC Decline

If Bitcoin fails to rise above the $82,000 resistance zone, it could initiate a fresh decline. Immediate support is near $77,200, and the first major support is at $76,500.

Continuing losses may drop the price towards the $75,000 area, potentially reaching the $72,000 support level in the near term. The main support sits at $70,000.

Technical Indicators

• Hourly MACD: Losing pace in the bearish zone.
• Hourly RSI: Below the 50 level.

Major Support Levels: $76,500, then $75,000.

Major Resistance Levels: $80,000 and $82,000.