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.

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

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

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