Bitcoin prices have begun another decline below the $85,000 zone. BTC is currently integrated and could struggle to recover beyond the $83,500 zone.
- Bitcoin has begun a new decline than its $83,500 support zone.
- The price is below $83,200 and trades a simple moving average of 100 hours.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trendline connecting, formed with a $82,750 resistance.
- The pair could begin another decline if they fall below the $83,500 resistance zone.
Bitcoin prices drop even further
Bitcoin prices could not exceed the $85,500 level. BTC began another decline, trading for $85,000 under the support area. The Bears gained strength for a move below the $83,500 support zone.
The price is below the $82,000 level. The lowest is formed at $81,586, and the price currently combines losses below the 23.6% FIB retracement level from a swing height of $83,500 to a swing low of $81,586.
Bitcoin prices are currently below $82,500. The advantage is that immediate resistance is close to the $82,000 level. The first important resistance is close to the $82,750 level. There is also a bearish trend line connecting with resistance formed at $82,750 on the hourly chart of the BTC/USD pair.
The trendline is close to the 61.8% FIB retracement level of downward movement, from a $83,500 Swing High to a $81,586 swinglow. The next important resistance is $83,500. Over $83,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $84,200. Any further profit could potentially send the price to the 84,800 level or $85,000.
Another reduction in BTC?
If Bitcoin does not rise above the $83,500 resistance zone, it could begin a new decline. Instant support on the downside is close to the $81,800 level. The first major support is close to the $81,500 level.
The following support is located near the $80,650 zone: Any further losses could send the price to $80,000 in support in the short term. The main support is $78,500.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $81,500, then $80,650.
Major resistance levels – $82,750 and $83,500.
