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Bitcoin Price Gives Up Part Of Rally, Sellers Reappear Near Highs
TL;DR
Bitcoin price has declined below $81,200, struggling to maintain support at $78,800. The cryptocurrency is in a short-term bearish zone after failing to hold above $80,500.
Key points
- Bitcoin price declined below $81,200
- Support at $78,800 is being tested
- Price is trading below $81,000 and the 100 hourly moving average
Bitcoin price started a fresh decline below the $81,200 zone. BTC is correcting gains 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 $81,000 and the 100 hourly simple moving average.
- There was a break below a bullish trend line with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend losses if it stays below the $81,200 and $80,800 levels.
Bitcoin Price Dips Again
Bitcoin price failed to stay above the $81,500 support zone. BTC started a downside correction below the $81,200 and $80,800 levels to enter a short-term bearish zone.
There was a move below the 38.2% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high. Besides, there was a break below a bullish trend line with support at $80,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $80,000 and the 100 hourly simple moving average. If the price remains stable above $78,500, it could attempt a fresh increase. Immediate resistance is near the $80,400 level.
Source: BTCUSD on TradingView.com
The first key resistance is near the $80,800 level. A close above the $80,800 resistance might send the price further higher. In the stated case, the price could rise and test the $81,250 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?
If Bitcoin fails to rise above the $81,000 resistance zone, it could start another decline. Immediate support is near the $78,800 level or the 50% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high.
Q&A
What caused Bitcoin to decline below $81,200?
Bitcoin's price decline was triggered by a failure to maintain support above $81,500, leading to a correction below key levels.
What are the current support levels for Bitcoin?
The current support levels for Bitcoin are at $78,800 and $80,800, with significant resistance above $81,200.
How does the recent price movement affect Bitcoin's trend?
The recent price movement indicates a shift to a short-term bearish trend as Bitcoin trades below critical support levels.
