Bitcoin price started a fresh decline below the $85,500 zone. BTC is now consolidating and might attempt to clear the $85,200 resistance zone.
- Bitcoin started a fresh decline below the $85,500 zone.
- The price is trading below $85,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $84,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $85,000 zone.
Bitcoin Price Eyes Fresh Increase
Bitcoin price struggled near the $86,500 zone and started a fresh decline. BTC declined below the $85,500 and $85,000 levels to enter a short-term bearish zone.
The price tested the $83,200 support. A low was formed at $83,171 and the price recently corrected some losses. There was a move above the $83,800 level. The price surpassed the 50% Fib retracement level of the downward move from the $86,401 swing high to the $83,171 low.
Bitcoin price is now trading below $85,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $84,750 level. There is also a connecting bearish trend line forming with resistance at $84,800 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $85,150 level or the 61.8% Fib retracement level of the downward move from the $86,401 swing high to the $83,171 low. The next key resistance could be $85,500.
A close above the $85,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,800 resistance level. Any more gains might send the price toward the $86,400 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $85,000 resistance zone, it could start another decline. Immediate support on the downside is near the $83,900 level. The first major support is near the $83,200 level.
The next support is now near the $82,200 zone. Any more losses might send the price toward the $81,500 support in the near term. The main support sits at $80,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $83,200, followed by $82,200.
Major Resistance Levels – $84,750 and $85,150.