Bitcoin Price Gives Up Part Of Rally, Sellers Reappear Near Highs

Bitcoin price started a fresh decline below the $81,200 zone. BTC is correcting gains and might struggle to stay above the $78,800 support.

Bitcoin failed to stay above $80,500 and extended losses.
The price is trading below $81,000 and the 100 hourly simple moving average.
There was a break below a bullish trend line with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $81,200 and $80,800 levels.

Bitcoin Price Dips Again

Bitcoin price failed to stay above the $81,500 support zone. BTC started a downside correction below the $81,200 and $80,800 levels to enter a short-term bearish zone.

There was a move below the 38.2% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high. Besides, there was a break below a bullish trend line with support at $80,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $80,000 and the 100 hourly simple moving average. If the price remains stable above $78,500, it could attempt a fresh increase. Immediate resistance is near the $80,400 level.

The first key resistance is near the $80,800 level. A close above the $80,800 resistance might send the price further higher. In the stated case, the price could rise and test the $81,250 resistance. Any more gains might send the price toward the $82,000 level. The next barrier for the bulls could be $82,500.

Downside Extension In BTC?

If Bitcoin fails to rise above the $81,000 resistance zone, it could start another decline. Immediate support is near the $78,800 level or the 50% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high.

The first major support is near the $78,000 level. The next support is now near the $77,800 zone. Any more losses might send the price toward the $77,200 support in the near term. The main support now sits at $76,500, 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 – $78,800, followed by $78,000.

Major Resistance Levels – $81,200 and $81,500.

[#item_full_content]NewsBTCRead More