Bitcoin Drops Below $83,500, Faces Resistance at $83,850

Bitcoin's price has recently experienced a decline, falling below the $83,500 support zone. The cryptocurrency is currently consolidating and faces challenges in recovering above the $83,850 resistance level. The price is trading below $83,000 and the 100 hourly Simple Moving Average, with a connecting bullish trend line forming support at $82,550 on the hourly chart of the BTC/USD pair. If Bitcoin fails to rise above the $83,850 resistance zone, it could start a fresh decline, with immediate support on the downside near the $82,550 level. The first major support is near the $82,250 level and the 61.8% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high. The next support is now near the $81,250 zone, with any further losses potentially sending the price toward the $80,000 support in the near term. The main support sits at $78,500.

Bitcoin's price failed to initiate a recovery wave and remained below the $85,500 level. The cryptocurrency started another decline and traded below the support area at $83,500. The bears gained strength for a move below the $82,500 support zone, with the price even declining below the $82,000 level. A low was formed at $81,320 before there was a recovery wave. There was a move above the $82,500 level, but the bears were active near $83,850. The price is now consolidating and there was a drop below the 50% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high. Bitcoin price is now trading below $83,250 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,250 level. The first key resistance is near the $83,850 level. The next key resistance could be $84,200. A close above the $84,200 resistance might send the price further higher. In the stated case, the price could rise and test the $84,800 resistance level. Any more gains might send the price toward the $85,000 level or even $85,500.

Technical indicators suggest that the Hourly MACD is now losing pace in the bearish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level. Major support levels are at $82,250, followed by $81,250, while major resistance levels are at $83,250 and $83,850. Analysts predict that if Bitcoin fails to rise above the $83,850 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,550 level. The first major support is near the $82,250 level and the 61.8% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high. The next support is now near the $81,250 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,500.