Bitcoin’s price has begun a significant drop below $80,000, falling more than 10% and potentially heading toward the $70,000 support level. After failing to hold above $82,500, BTC extended its decline and is now trading below $80,000 and the 100-hour simple moving average.
A bearish trend line is forming with resistance near $79,200 on the hourly BTC/USD chart. If the price falls further below $75,000 and $74,000, the downtrend could continue.
Recent Price Action
Bitcoin was unable to sustain above $85,000 and started a sharp decline, breaking below $83,200 and $82,500. Sellers pushed the price under $80,000 and then below $78,000, with a recent low around $75,665. The price remains under pressure, trading below $78,500 and the 100-hour SMA.
If Bitcoin stabilizes above $75,000, it could attempt a recovery. Immediate resistance is near $78,500, followed by the key $79,200 level, which aligns with the 23.6% Fibonacci retracement of the drop from the $90,440 high to the $75,665 low. A clear break above $79,200 could open the door for a move toward $82,000 and possibly $83,000, which corresponds to the 50% Fib retracement level. Further resistance lies near $84,000 and $84,500.
Potential for Further Decline
If Bitcoin fails to climb above the $79,200 resistance, another drop could follow. Immediate support is near $76,200, with major support around $75,500 and $75,000. A break below these levels might lead to a test of $72,000, with the main support zone at $70,000.
Technical Indicators
– Hourly MACD: Gaining momentum in the bearish zone.
– Hourly RSI: Below 50, indicating bearish momentum.
– Major Support Levels: $75,500 and $75,000.
– Major Resistance Levels: $79,200 and $82,000.
Frequently Asked Questions
FAQs Bitcoins Struggle to Surpass 80000
BeginnerLevel Questions
1 Why is Bitcoin struggling to break above 80000
Bitcoin is facing strong selling pressure at this price level Think of it like a ceilingmany investors who bought near this price are looking to sell and take profits which creates a barrier thats hard to push through
2 What does it mean if Bitcoin drops to 70000
A drop to 70000 would represent a significant pullback or correction from recent highs It doesnt necessarily mean the longterm trend is broken but it indicates that selling pressure is currently stronger than buying pressure
3 Is this a normal thing for Bitcoin
Yes absolutely Bitcoin is known for its high volatility Sharp rallies followed by corrections are very common The market often tests key support and resistance levels multiple times
4 Should I be worried about my investment
Shortterm price fluctuations are normal Worry depends on your investment strategy If youre a longterm holder this may just be noise If you traded recently near the peak it could be a concern Never invest more than you can afford to lose
5 What are support and resistance levels
Resistance A price level where selling interest is strong enough to prevent the price from rising further It acts as a ceiling
Support A price level where buying interest is strong enough to prevent the price from falling further It acts as a floor
Advanced MarketFocused Questions
6 What specific factors are causing this current struggle
Several factors can combine profittaking after a long rally large sell orders from institutional investors or miners placed near 80K negative macroeconomic news or a decrease in momentum from new buyers entering the market
7 Could this be a bull trap
Its a possibility some traders are considering A bull trap is when a price breaks above a key resistance level luring in buyers only to reverse sharply downward The failure to clearly hold above 80000 has raised this concern