Bitcoin Drops 8% Below $83,500, Bearish Trend Looms
1min read Bitcoin's price has experienced a significant decline, falling below the $83,500 mark. This drop has led to a consolidation of losses, with the cryptocurrency trading below $81,200 and the 100 hourly Simple Moving Average. The hourly chart of the BTC/USD pair shows a break below a connecting bullish trend line with support at $83,000, indicating a bearish trend.
Bitcoin's price failed to maintain its position above the $83,500 level, resulting in a fresh decline. The cryptocurrency traded below the $83,000 and $82,000 levels, entering a bearish zone. The price even dipped below the $80,000 support zone, reaching a low of $77,057 before starting a recovery wave. However, the recovery has been limited, with the price struggling to continue higher above the $78,800 level.
Currently, Bitcoin is trading below $81,500 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $80,000 level, with the first key resistance near the $80,500 level. If Bitcoin can close above the $81,500 resistance, it could potentially rise and test the $82,500 resistance level, with further gains possibly sending the price toward the $83,500 level.
However, if Bitcoin fails to rise above the $80,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $77,500 level, with the first major support near the $77,000 level. The next support is now near the $76,500 zone, with any more losses potentially sending the price toward the $75,000 support in the near term. The main support sits at $74,200.
Technical indicators suggest a bearish trend, with the MACD gaining pace in the bearish zone and the RSI for BTC/USD now below the 50 level. Major support levels are at $77,500 and $77,000, while major resistance levels are at $80,000 and $80,500. The current trend suggests that Bitcoin's price could continue to decline if it fails to break above the $80,500 resistance zone.
Ask Aime: What's the outlook for Bitcoin's price after it fell below $83,500?
