Bitcoin Price Faces Resistance

Bitcoin price started a fresh decline below the $85,000 level. BTC traded below the $82,000 and $80,000 support levels.

Bitcoin price is facing strong selling pressure at the moment. BTC started a fresh decline below the $86,000 zone.

Bitcoin Price Starts Fresh Decline

Bitcoin price started a fresh decline below the $85,000 level. BTC traded below the $82,000 and $80,000 support levels. Finally, the price tested the $76,500 support zone.

A low was formed at $76,818 and the price recently started a recovery wave. There was a move above the $78,000 and $80,000 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $91,060 swing high to the $76,818 low.

There was also a break above a key bearish trend line with resistance at $82,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $84,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance could be $84,000.

The 50% Fib retracement level of the downward move from the $91,060 swing high to the $76,818 low is also near $84,000. The next key resistance is at $85,000.

A close above the $85,000 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $96,200.

Another Drop In BTC?

If Bitcoin fails to rise above the $84,000 resistance zone, it could start a fresh decline. Immediate support on the downside is at the $81,200 level. The first major support is at $80,000.

The next support is now at the $78,000 zone. Any more losses might send the price toward the $76,500 support in the near term. The main support sits at $75,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $81,000, followed by $80,000.

Major Resistance Levels – $84,000 and $85,000.