Bitcoin Price Update

Bitcoin price started a fresh decline from the $92,000 zone, dropping below $85,500 and possibly continuing below $80,000.

• Bitcoin started a fresh decline below the $85,000 zone.
• The price is trading below $85,000 and the 100 hourly Simple Moving Average.
• A short-term bearish trend line is forming with resistance at $83,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to clear the $80,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price declined below the $88,000 level, trading below the $86,000 and $85,000 support levels, ultimately testing the $80,000 support zone.

A low was formed at $80,006, followed by a recent recovery wave above the $80,500 and $81,200 resistance levels. The bulls pushed the price toward the 23.6% Fib retracement level of the downward move from the $91,060 swing high to the $80,006 low.

Currently, Bitcoin is trading below $85,000 and the 100 hourly Simple Moving Average. Immediate resistance is near $82,700, with the first key resistance at $83,000.

A short-term bearish trend line is also forming with resistance at $83,200 on the hourly chart of the BTC/USD pair. The next key resistance could be at $85,000, near the 50% Fib retracement level from the downtrend.

A close above the $85,000 resistance might push the price higher toward $87,500, with further gains possibly testing $90,000 or even $96,200.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,000 resistance zone, another decline could occur. Immediate support is near $81,000, with the first major support at $80,200 and another support near $80,000. Further losses could lead to the $78,000 support in the near term, with main support sitting at $75,000.

Technical Indicators:

• Hourly MACD: Losing pace in the bearish zone.
• Hourly RSI (Relative Strength Index): Below the 50 level.

Major Support Levels: $80,000, followed by $78,000.

Major Resistance Levels: $83,000 and $85,000.