Bitcoin Price Dips Further Below $80K—Bears Tighten Grip On Market

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. 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. 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? If Bitcoin fails to rise above the $80,500 resistance zone, it could start another decline. Immediate support is near the $79,200 level. The first major support is near the $78,800 level. The next support is now near the $78,000 zone. Any more losses might send the price toward the $76,200 support in the near term. The main support now sits at $75,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $79,200, followed by $78,800. Major Resistance Levels – $80,000 and $80,700.

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