Bitcoin fell below $81,200 and $80,800 on May 14, breaking a bullish trend line on the hourly chart. The cryptocurrency is now trading under the $80,000 mark and below its 100-hour simple moving average. That shift signals a clear change in short-term momentum.
Trend Line and Fibonacci Break
The uptrend that started from the $74,940 low earlier this month had held for weeks. That changed when BTC dropped through the trend line. The price also broke the 38.2% Fibonacci retracement level of the rally to $82,790. Such breaks often attract more selling as stop-losses are triggered. The pullback has already erased more than a third of the recent gains.
Support Levels Stacked Below
With $80,000 now acting as resistance, the next major support sits at $78,800. Below that, levels at $78,000 and $77,800 are closely watched. Further down, $77,200 and $76,500 form a dense cluster. The spacing between these floors is narrow. A sharp move could take out several in quick succession.
Technical Indicators Point Down
The MACD line has moved deeper below zero, showing increasing bearish momentum. The RSI sits under 50, confirming sellers are in control. Neither indicator is oversold yet. That suggests there may be more downside before a bounce. The price is also failing to reclaim the 100-hour moving average. That is a common early warning for trend changes.
Traders are now focused on the $78,800 level. A break there would put the next supports at $78,000 and below into play. On the upside, Bitcoin needs to clear $80,400 and then $80,800 to suggest the selling has exhausted. The technical setup points to further weakness unless buyers step in quickly.
