Bitcoin Price Decline

Bitcoin has seen a significant drop, now trading below $80,000. It’s down more than 10% and might soon test the $70,000 support level.

• Attempts to break past $82,500 were unsuccessful, sparking further losses.
• The price is currently below the 100-hour simple moving average, situated at $80,000.
• The hourly BTC/USD chart indicates a bearish trendline resisting around $79,200.
• Should the price drop below $75,000 and then $74,000, it could decline even more.

Continuing Price Falls

Bitcoin struggled to maintain a foothold above $85,000, leading to a decline below both $83,200 and $82,500. This allowed bears to push the price beneath $80,000.

A potential major drop was circumvented, keeping the price above $78,000. Currently, a low of $75,665 has been established, and there are signs of potential further decreases. A bearish trendline is present on the hourly chart, with resistance at $79,200.

At this moment, Bitcoin is trading under $78,500 and its hourly moving average. If it can stay above $75,000, there may be a chance for a rally. Immediate resistance lies around $78,500, with the first major resistance near $79,200, representing the 23.6% Fibonacci retracement level from the recent high of $90,440 to the low of $75,665.

If Bitcoin manages to close above the $79,200 level, it could see an upward movement. In that scenario, it might approach the $82,000 resistance. Gains could push it further to around $83,000 or reach the 50% Fibonacci retracement point from the same high and low noted earlier. The next challenges for bulls could be around $84,000 and $84,500.

Could BTC Face More Losses?

Should Bitcoin not rise over the $79,200 resistance, further declines could follow. Immediate support is situated near $76,200, with major support identified around $75,500.

The next significant support level appears to be around $75,000. Additional losses might lead the price down towards the $72,000 support zone in the short term. The critical support lies at $70,000, below which BTC could struggle to rebound.

Technical Indicators:

Hourly MACD – Currently, the MACD shows signs of bearish momentum.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 mark.

Major support levels – $75,500 and $75,000.

Key resistance levels – $79,200 and $82,000.