The Bitcoin market is witnessing a heightened bearish grip, causing the price to dip below the $85,000 mark. Currently, Bitcoin seems to be in a consolidation phase, finding it challenging to climb back above the $83,500 threshold.
Bitcoin’s fresh slump has taken it below the $83,500 support zone. It is currently trading under $83,200, with the 100 hourly Simple moving average also showcasing a downward trend. An emerging bearish trend line with resistance at $82,750 is evident on the BTC/USD pair’s hourly chart (data from Kraken).
If Bitcoin continues to linger below the $83,500 resistance zone, it might trigger another fall. Bitcoin’s price couldn’t sustain above the $85,500 mark, leading to another decline and breaching the support of $85,000. The bearish sentiment strengthened, pushing the price below the $83,500 support zone.
The price also fell under the $82,000 mark, reaching a low at $81,586. Bitcoin is now trying to consolidate its losses, trading below the 23.6% Fib retracement level of the downswing from the $83,500 high to the $81,586 low.
Bitcoin’s price is currently under $82,500, with the 100 hourly Simple moving average also indicating a bearish trend. The immediate resistance lies near $82,000, with the key resistance around $82,750. The bearish trend line is forming resistance at $82,750 on the BTC/USD pair’s hourly chart.
The trend line is close to the 61.8% Fib retracement level of the downswing from the $83,500 high to the $81,586 low. The next significant resistance could come up at $83,500. If Bitcoin manages to close above the $83,500 resistance, it might pave the way for a higher price trajectory, possibly testing the $84,200 resistance or even reaching up to $85,000.
However, if Bitcoin fails to ascend above the $83,500 resistance zone, it could trigger another downtrend. The immediate support on the downside lies near the $81,800 mark, followed by significant support around the $81,500 mark. The next support zone is around $80,650. Any further losses might push the price towards $80,000 support in the near term. The critical support resides at $78,500.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below 50.
Major Support Levels – $81,500, followed by $80,650.
Major Resistance Levels – $82,750 and $83,500.
