Bitcoin Price Crashes Hard—Is The Selloff Just Getting Started?

Bitcoin price started a fresh decline below the $83,500 zone. BTC is consolidating losses and might start another decline below the $80,000 level. Bitcoin started a fresh decline below the $82,000 zone. The price is trading below $81,200 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $80,500 zone. Bitcoin Price Dips Below Support Bitcoin price failed to settle above the $83,500 level and started a fresh decline . BTC traded below the $83,000 ad $82,000 levels to enter a bearish zone. There was a break below a connecting bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair. The pair even dived below the $80,000 support zone. A low was formed at $77,057 and the price started a recovery wave. There was a move above the $78,800 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $83,680 swing high to the $77,057 low. However, the price is struggling to continue higher. Bitcoin price is now trading below $81,500 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $80,000 level. The first key resistance is near the $80,500 level or the 50% Fib retracement level of the recent decline from the $83,680 swing high to the $77,057 low. The next key resistance could be $81,500. A close above the $81,500 resistance might send the price further higher. In the stated case, the price could rise and test the $82,500 resistance level. Any more gains might send the price toward the $83,500 level. Another Decline In BTC? If Bitcoin fails to rise above the $80,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $77,500 level. The first major support is near the $77,000 level. The next support is now near the $76,500 zone. Any more losses might send the price toward the $75,000 support in the near term. The main support sits at $74,200. 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 – $77,500, followed by $77,000. Major Resistance Levels – $80,000 and $80,500.

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