Bitcoin prices have begun a new decline below the $86,000 zone. BTC is currently correcting losses and could struggle near the $84,000 and $85,000 levels.
- Bitcoin has begun a new decline below the $85,000 zone.
- The price is below $84,000, below the simple moving average of 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a $82,000 break above a key bearish trend line with resistance.
- If the $84,000 resistance zone cannot be cleared, the pair may begin to start another reduction.
Bitcoin prices face resistance
Bitcoin prices have begun a new decline below the $85,000 level. BTC fell below the $82,000 and $80,000 support levels. Finally, we tested the support zone priced at $76,500.
The lows formed at $76,818, and prices have recently begun a recovery wave. There was a move above the $78,000 and $80,000 resistance levels. The Bulls surpassed the FIB retracement level of downward movement at 23.6%, from a swing high of $91,060 to a low of $76,818.
On the hourly chart of the BTC/USD pair, there was a break above a key bearish trend line with resistance. Bitcoin prices are currently below $84,000, trading a simple 100-hour moving average. The advantage is that immediate resistance is close to the $83,200 level. The first important resistance is close to the $84,000 level.
The 50% FIB retracement level for the downward movement from $91,060 Swing High to $76,818 is also close to $84,000. The next important resistance could be $85,000.
Over $85,000 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $86,500. Any further profit could send the price to a level of $88,000 or $96,200.
Another drop in BTC?
If Bitcoin cannot rise above the $84,000 resistance zone, it could begin a new decline. Instant support on the downside is close to the $81,200 level. The first major support is close to the $80,000 level.
The following support is located near the $78,000 zone: Any further losses could send the price to $76,500 in the short term. The main support is $75,000.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $81,000, then $80,000.
Major resistance levels – $84,000 and $85,000.
