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Bitcoin started a fresh decline and is consolidating after failing to hold the $80,500 area. The price is trading below $80,000 and the 100 hourly simple moving average, while a bearish trend line is forming with resistance around $80,700 on the BTC/USD hourly chart (data feed from Kraken). BTC may extend losses if it remains below the $80,500 and $81,200 levels.
Bitcoin failed to stay above the $80,500 support zone and extended losses below $80,000. It moved below $79,500 and dipped under $79,000, forming a low at $78,720. The price is now consolidating losses, with a minor rebound above the 23.6% Fib retracement level of the downward move from the $81,250 swing high to the $78,720 low.
BTC is currently trading below $80,500 and the 100 hourly simple moving average. If the price stabilizes above $79,000, it could attempt a fresh increase. Immediate resistance is near $80,000 and the 50% Fib retracement level of the same $81,250 to $78,720 move.
The first key resistance is around $80,500, alongside the bearish trend line resistance at $80,700. A close above $80,700 could push the price higher, potentially testing $81,200. Further gains may target $82,000, with the next barrier for buyers at $82,500.
If Bitcoin does not rise above the $80,500 resistance zone, it could begin another decline. Immediate support is near $79,200, followed by the $78,800 level. The next support is around the $78,000 zone, and additional losses could move the price toward $76,200 in the near term. The main support is at $75,500, below which BTC may struggle to recover in the near term.
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