Bitcoin price started a fresh decline below the $80,500 zone. BTC is 
consolidating 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 
$80,000 and the 100 hourly simple moving average. There is a bearish trend 
line forming with resistance at $80,700 on the hourly chart of the BTC/USD 
pair (data feed from Kraken). The pair might extend losses if it stays below 
the $80,500 and $81,200 levels. Bitcoin Price Dips Further Bitcoin price 
failed to stay above the $80,500 support zone. BTC remained in a bearish zone 
and extended losses below the $80,000 level. There was a move below the 
$79,500 level. The price even dipped below $79,000. A low was formed at 
$78,720 and the price is now consolidating losses. There was a minor increase 
above the 23.6% Fib retracement level of the downward move from the $81,250 
swing high to the $78,720 low. Bitcoin is now trading below $80,500 and the 
100 hourly simple moving average. If the price remains stable above $79,000, 
it could attempt a fresh increase. Immediate resistance is near the $80,000 
level or the 50% Fib retracement level of the downward move from the $81,250 
swing high to the $78,720 low. The first key resistance is near the $80,500 
level. There is also a bearish trend line forming with resistance at $80,700 
on the hourly chart of the BTC/USD pair. A close above the $80,700 resistance 
might send the price further higher. In the stated case, the price could rise 
and test the $81,200 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 $80,500 resistance zone, 
it could start another decline. Immediate support is near the $79,200 level. 
The first major support is near the $78,800 level. The next support is now 
near the $78,000 zone. Any more losses might send the price toward the $76,200 
support in the near term. The main support now sits at $75,500, below which 
BTC might struggle to recover in the near term. 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 below the 50 level. Major Support 
Levels – $79,200, followed by $78,800. Major Resistance Levels – $80,000 and 
$80,700.

Bitcoin Price Dips Further Below $80K—Bears Tighten Grip On Market

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Bitcoin Price Dips Further Below $80K—Bears Tighten Grip On Market

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