Bitcoin Price Can’t Reclaim $80K, Putting $70K On The Radar
Bitcoin price started a major decline below $80,000. BTC is down over 10% and might soon test the $70,000 support zone. A close above the $79,200 resistance might send the price further higher. In the stated case, the price could rise and test the $82,000 resistance. Any more gains might send the price toward the $83,000 level or the 50% Fib retracement level of the downward move from the $90,440 swing high to the $75,665 low. The next barrier for the bulls could be $84,000 and $84,500. If Bitcoin fails to rise above the $79,200 resistance zone, it could start another decline. Immediate support is near the $76,200 level. The first major support is near the $75,500 level. The next support is now near the $75,000 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support sits at $70,000, 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 – $75,500, followed by $75,000. Major Resistance Levels – $79,200 and $82,000.More Losses In BTC?
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