Bitcoin Price Dives Once More—Is a Deeper Correction Underway?

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Bitcoin Price has started a new drop from the $ 92,000 area. BTC has returned below $ 85,500 and could continue to drop below $ 80,000.

  • Bitcoin has started a new drop below the $ 85,000 area.
  • The price is exchanged below $ 85,000 and the simple 100 -hour mobile average.
  • There is a short -term bearish trend line that is formed with $ 83,200 resistance on the time graphic of the BTC/USD couple (data feed from Kraken).
  • The couple could start another decline if it cannot free the resistance area of ​​$ 80,000.

The price of Bitcoin has to face the resistance

The Bitcoin price started a new drop below the level of $ 88,000. BTC exchanged below $ 86,000 and $ 85,000 support levels. Finally, the price tested the support area of ​​$ 80,000.

A minimum was trained at $ 80.006 and the price recently started a recovery wave. There was a move over the resistance levels of $ 80,500 and $ 81,200. The Bulls prompted the price to the FIB retracement level of 23.6% of the move down from above from $ 91.060 at the top to a minimum of $ 80.006.

The Bitcoin price is now exchanged below $ 85,000 and the simple 100 -hour mobile average. On the positive side, the immediate resistance is close to the level of $ 82,700. The first key resistance is close to the level of $ 83,000.

There is also a short -term bearish trendy line that is formed with $ 83,200 resistance on the time graphic of the BTC/USD couple. The next resistance to the key could be $ 85,000. It is located near the FIB retracement level of 50% of the move down from above $ 91.060 at the top to a minimum of $ 80.006.

Bitcoin price
Source: btcusd on tradingview.com

A closure above the resistance of $ 85,000 could send the price higher. In the declared case, the price could increase and test the level of resistance by $ 87,500. Other earnings may send the price to the level of $ 90,000 or even $ 96,200.

Another decline in BTC?

If Bitcoin cannot overcome the resistance area of ​​$ 83,000, a new decline could start. The immediate support on the reverse of the medal is close to the level of $ 81,000. The first important support is close to the $ 80,200 level.

The next support is now close to the $ 80,000 area. Other losses may send the price to the support of $ 78,000 in the short term. The main support is at $ 75,000.

Technical indicators:

MACD TIME – The MacD is now losing the rhythm in the bearish area.

TIME TIME (relative resistance index) – The RSI for BTC/USD is now below level 50.

The main support levels – $ 80,000, followed by $ 78,000.

The main resistance levels – $ 83,000 and $ 85,000.

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