Bitcoin ’s recent price movement has indicated a notable decline, falling below the crucial $85,000 level. Currently, the cryptocurrency is attempting to consolidate its losses, but it faces significant challenges in breaking above the $83,500 level.
The decline began as Bitcoin slipped past the previously established support levels, specifically breaching the $83,500 barrier. As of now, Bitcoin is trading under $83,200 and has also fallen below the 100-hourly Simple Moving Average, signaling continued bearish momentum. A trend line indicative of resistance is taking shape near the $82,750 level, suggesting that Bitcoin may be primed for further declines if it cannot regain momentum above the $83,500 resistance.
Following this downtrend, Bitcoin has experienced difficulty maintaining its price above $85,500. The bears’ influence has pushed the asset down below $83,500, even dipping under the $82,000 range, where a low was recorded at $81,586. The recent price movements have lingered below the 23.6% Fibonacci retracement level associated with the downward adjustment from the swing high of $83,500 to the recent low.
Currently, Bitcoin trades beneath $82,500, with immediate resistance identified around the $82,000 area. A more significant barrier is situated at $82,750, coinciding with the downward trend line, which marks an important point for potential recovery. To reverse the current downward trajectory, Bitcoin must close above the $83,500 level. Such a move could facilitate a rise toward the $84,200 resistance.
However, if Bitcoin is unable to breach the $83,500 resistance, it may pave the way for additional declines. Key support levels are now established at $81,800, with a critical threshold at $81,500. Below this level, further declines may lead to the $80,650 zone, with major support ultimately located at $78,500. Technical indicators reflect a bearish sentiment, highlighting the potential for continued volatility in the market.
