Bitcoin (BTC) price recently started a significant decline below the $85,00 level

Bitcoin (BTC) price recently started a significant decline below the $80,00 level, breaking the supports at $83,000 and $80,00.

Bitcoin price is still holding gains despite a slight decline on Friday morning. The cryptocurrency had recovered somewhat from recent lows, but it faced strong resistance at the $80,000 level.

Bitcoin price technical analysis: still in recovery

Bitcoin (BTC) price recently started a significant decline below the $85,000 level, breaking the supports at $83,000 and $80,000. Eventually, the price reached the $76,500 support zone. The lowest point was recorded at $76,818 before the price started consolidating.

Bitcoin (BTC) briefly rose past the $78,000 and $78,500 resistances, pushing the price close to the 23.6% Fib retracement level of the decline from $91,060 to $76,818. A further rise might push the price towards the $80,000 resistance or the 100-hour simple moving average.

On the other hand, the immediate support is at the $77,200 level, which might hold the price in the short term. The next major support is at the $76,500 zone, which could be tested if there are more losses.

Where is Bitcoin going next?

If Bitcoin can break above the $80,000 level, it could continue towards the key resistance at $82,000. There is also a key bearish trend line formed with resistance at $82,200 on the hourly chart of the BTC/USD pair. The next key resistance might be $84,000, which is near the 50% Fib retracement level of the decline.

A successful break above $84,000 could open the door for a move towards $85,500. This level is the 38.2% Fib retracement level and might act as a strong barrier. A further rise might push the price towards $88,000 or even $96,200.

However, if Bitcoin fails to break the $82,000 resistance zone, there is a possibility that the price will drop again. The immediate support is near the $77,200 level, with the first major support at $76,500.

The next support is now at the $75,000 zone. Further declines could push the price towards the $72,000 support in the short term, with key support at $70,000.

Technical indicators such as hourly MACD and RSI (Relative Strength Index) are showing a decline in momentum within the bearish zone.

The post Bitcoin Price Technical Analysis: Is A Recovery On The Cards? appeared first on Pintu News.

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