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

Bitcoin price started a major decline below $80,000. BTC is down over 10% and might 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 failed to remain stable above the $85,000 zone. BTC started a major decline below the $83,200 and $82,500 levels. The bears were able to push the price below $80,000.

It spared major bearish moves, pushing the price below $78,000. A low was formed at $75,665, and the price is still signaling more downsides. There is also a bearish trend line forming with resistance at $79,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $78,500 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $78,500 level. The first key resistance is near the $79,200 level or the 23.6% Fib retracement level of the downward move from the $90,440 swing high to the $75,665 low.

A close above the $79,200 resistance might send the price further higher. In the stated case, the price could rise and test the $82,000 resistance. Any more gains might send the price toward the $83,000 level or the 50% Fib retracement level of the downward move from the $90,440 swing high to the $75,665 low. The next barrier for the bulls could be $84,000 and $84,500.

If Bitcoin fails to rise above the $79,200 resistance zone, it could start another decline. Immediate support is near the $76,200 level. The first major support is near the $75,500 level.

The next support is now near the $75,000 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support sits at $70,000, below which BTC might 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.