Bitcoin Price Can’t Reclaim $80K Putting $70K On The Radar

The price of Bitcoin began to plunge significantly below $80,000. $BTC, which is down more than 10%, could soon test the $70,000 support zone.

• Bitcoin failed to remain above $82,500 and started another decline.
• The price is trading below $80,000 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance at $79,200 on the hourly chart of the

$BTC

/USD pair (data feed from Kraken).

• The pair might dip further if it trades below the $75,000 and $74,000 levels.

Bitcoin Price Dips Again

The $85,000 zone was not stable for Bitcoin price, which did not stabilize. $BTC began a major decline below the $83,200 and $82,500 levels of $C. The bears were able to push the price below $80,000, under .

It also avoided big bears moves — selling for less than $78,000, a price that was too low. This was followed by a low of $75,665, and the price is still indicating more downsides. Also, there is a bearish trend line that forms with resistance at $79,200 on the hourly chart of the pair of $BTC/USD.

Bitcoin is now trading below $78,500 and the 100 hourly simple moving average. But if the price is still above $75,000, it could try to make another jump. Resistance is near the $78,500 level of immediate resistance. It is the first key resistance, near the $79,200 level or the 23-level key resistor. The downward move from the $90,440 swing high to $75,665 low was retracement level of 6% Fib by its lower-priced fib.

It may also cost more if the price is raised further by a close above the $79,200 resistance. This could raise and test the $82,000 resistance in the stated case, if it is to . Any further gains may be a way to push the price toward the $83,000 level or the 50% Fib retracement level of the downward move from $90,440 swing high to $75,665 low. Bulls could face $84,000 and $84,500 as their next barrier, according to .

More Losses In $BTC ?

Bitcoin would start another fall if its resistance zone is $79,200 and it does not rise above the $69,100 resistance level. Support for s is close to $76,200 level, but immediate support is near the $76,000200 mark. It is the first major support near $75,500.

Now, the next support is near the $75,000 zone for . A loss of any more could cost the price for a $72,000 support in the near term, which may be called an “near-term” blow. The main support is $70,000, below which $BTC may struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $75,500, followed by $75,000.

Major Resistance Levels – $79,200 and $82,000.

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