Bitcoin price started a new decline below the $81,200 zone. BTC is correcting gains and could struggle to stay above the USD 78,800 support.
- Bitcoin failed to stay above $80,500 and extended losses.
- The price is trading below $81,000 and the 100 hourly moving average.
- There was a break below a bullish trendline with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the USD 81,200 and USD 80,800 levels.
Bitcoin price drops again
Bitcoin price failed to stay above the USD 81,500 support zone. BTC started a downward correction below the USD 81,200 and USD 80,800 levels to enter a short-term bearish zone.
There was a move below the 38.2% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high. Moreover, there was a break below a bullish trendline with support at $80,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $80,000 and the 100 hourly moving average. If the price remains stable above $78,500, another move up could be attempted. The immediate resistance is near the $80,400 level.
The first major resistance is around the $80,800 level. A close above the USD 80,800 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 81,250 resistance. Any further gains could send the price towards the USD 82,000 level. The next threshold for the bulls could be $82,500.
Disadvantage extension in BTC?
If Bitcoin fails to rise above the USD 81,000 resistance zone, it could trigger another decline. Immediate support is near the $78,800 level or the 50% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high.
The first major support is near the $78,000 level. The next support is now near the $77,800 zone. Any further losses could send the price towards the USD 77,200 support in the short term. The key support is now at $76,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 78,800, followed by USD 78,000.
Major resistance levels – $81,200 and $81,500.