Bitcoin extended its decline this week, falling below the $80,000 mark and touching a low of $78,720 before consolidating losses. The world's largest cryptocurrency is now trading under $80,000 and below its 100-hour simple moving average, signaling persistent bearish momentum.
BTC slides below $80,000
After slipping under $80,500 earlier in the session, bitcoin accelerated its drop, breaching the psychological $80,000 barrier. The decline brought BTC to a intraday low at $78,720, where it found some buying interest. As of now, the price is consolidating near $79,000, struggling to reclaim the $80,000 level.
Resistance at $80,700
On the hourly chart of BTC/USD, a bearish trend line is forming with resistance at $80,700. Immediate resistance sits near $80,000, which also coincides with the 50% Fibonacci retracement level of the downward move from $81,250 to $78,720. A decisive close above $80,700 could open the door to $81,200, and possibly $82,000 or $82,500. But for now, bulls are having a hard time pushing through.
Support levels in focus
If BTC fails to break above $80,500, another leg lower is likely. Immediate support is at $79,200, with a major floor at $78,800. A drop below that could send the price toward $78,000, with further targets at $76,200 and the main support at $75,500. The next few sessions will be crucial — the market is watching whether buyers step in at these levels or if selling pressure intensifies.
Bearish signals on the hourly chart
Technical indicators aren't offering much encouragement. The hourly MACD is losing momentum in the bearish zone, and the hourly RSI for BTC/USD remains below the 50 level. Both point to lingering downside risk in the near term. Traders are eyeing a potential bounce from the $78,700–$78,800 zone, but a failure to hold could accelerate losses.
