Bitcoin Price 10% Tumble Sparks Fears Of $80K Give-Way
Bitcoin price started a major decline below $86,500. BTC is down nearly 10% and might soon test the $80,000 support zone. 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. 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.More Losses In BTC?
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