Bitcoin Price 10% Tumble Sparks Fears Of $80K Give-Way
Analysis
Price Impact
HighBitcoin has experienced a significant 10% tumble, sparking fears of a breakdown below the crucial $80,000 support level. such a drop indicates strong selling pressure and could lead to further capitulation.
Trustworthiness
HighThe source explicitly states a strict editorial policy focused on accuracy, relevance, and impartiality, with content created by industry experts and meticulously reviewed, adhering to the highest standards in reporting.
Price Direction
BearishBtc is currently in a major decline, trading below $83,200 and the 100-hourly simple moving average. key support levels at $81,000 and $80,000 are being tested, with potential for further losses towards $77,000 and $75,000 if these supports fail. technical indicators like macd and rsi are also signaling bearish momentum.
Time Effect
ShortThe analysis focuses on hourly charts and immediate support/resistance levels, with repeated mentions of 'in the near term' for potential further declines and recovery efforts.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing 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 major decline below $86,500. BTC is down nearly 10% and might soon test the $80,000 support zone. Bitcoin failed to remain above $86,500 and started another decline. The price is trading above $85,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $83,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip further if it trades below the $81,000 and $80,000 levels. Bitcoin Price Dips Again Bitcoin price failed to continue higher above the $88,000 zone . BTC started a major decline below the $87,200 and $86,500 levels. The bears were able to push the price below $85,000. It spared major bearish moves, pushing the price below $82,000. A low was formed at $81,000 and the price is still signaling more downsides. There is also a bearish trend line forming with resistance at $83,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $83,200 and the 100 hourly simple moving average . If the price remains stable above $80,000, it could attempt a fresh increase. Immediate resistance is near the $82,000 level. The first key resistance is near the $83,200 level or the 23.6% Fib retracement level of the downward move from the $90,438 swing high to the $81,000 low. Source: BTCUSD on TradingView.com A close above the $83,200 resistance might send the price further higher. In the stated case, the price could rise and test the $85,000 resistance. Any more gains might send the price toward the $85,700 level or the 50% Fib retracement level of the downward move from the $90,438 swing high to the $81,000 low. The next barrier for the bulls could be $87,000 and $87,500. More Losses In BTC? If Bitcoin fails to rise above the $83,200 resistance zone, it could start another decline. Immediate support is near the $81,000 level. The first major support is near the $80,500 level. The next support is now near the $80,000 zone. Any more losses might send the price toward the $77,000 support in the near term. The main support sits at $75,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $81,000, followed by $80,000. Major Resistance Levels – $82,000 and $83,200.