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Bitcoin Price Dips Further Below $80K—Bears Tighten Grip On Market
TL;DR
Bitcoin price has dipped below $80,000, struggling to maintain support at $78,800. A bearish trend is evident as losses extend below the $80,500 level.
Key points
- Bitcoin price dipped below $80,000
- Support level at $78,800 is under threat
- Bearish trend line resistance at $80,700
Bitcoin price started a fresh decline below the $80,500 zone. BTC is consolidating and might struggle to stay above the $78,800 support.
- Bitcoin failed to stay above $80,500 and extended losses.
- The price is trading below $80,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $80,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend losses if it stays below the $80,500 and $81,200 levels.
Bitcoin Price Dips Further
Bitcoin price failed to stay above the $80,500 support zone. BTC remained in a bearish zone and extended losses below the $80,000 level. There was a move below the $79,500 level.
The price even dipped below $79,000. A low was formed at $78,720 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $81,250 swing high to the $78,720 low.
Bitcoin is now trading below $80,500 and the 100 hourly simple moving average. If the price remains stable above $79,000, it could attempt a fresh increase. Immediate resistance is near the $80,000 level or the 50% Fib retracement level of the downward move from the $81,250 swing high to the $78,720 low.
The first key resistance is near the $80,500 level. There is also a bearish trend line forming with resistance at $80,700 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A close above the $80,700 resistance might send the price further higher. In the stated case, the price could rise and test the $81,200 resistance. Any more gains might send the price toward the $82,000 level. The next barrier for the bulls could be $82,500.
Downside Extension In BTC?
Q&A
What is the current price of Bitcoin?
Bitcoin is currently trading below $80,000, with a recent low of $78,720.
What support levels is Bitcoin struggling to maintain?
Bitcoin is struggling to maintain support at $78,800 and has failed to stay above $80,500.
What are the resistance levels for Bitcoin's price?
The resistance levels for Bitcoin are at $80,500 and $81,200, with a bearish trend line forming at $80,700.
