Bitcoin Price Faces Possible Decline Amid Key Levels of Support and Resistance

Bitcoin has started a decline from $86,500, trading below $85,000 and potentially dropping below the $83,200 support. Key resistance levels are identified at $84,750 and $85,500, while significant support levels include $83,200 and $82,200. The MACD and RSI indicate a bearish trend for the cryptocurrency.

Bitcoin has entered a new decline from the $86,500 level, currently consolidating and potentially continuing below the $83,200 support. The cryptocurrency is trading beneath $85,000 and the 100-hourly simple moving average, indicating a bearish trend. A significant trend line, previously acting as support at $84,500, has been breached in the BTC/USD hourly chart, sourced from Kraken, which might forecast further decreases if the price does not recover.

The recent price movement showcased Bitcoin surpassing the $83,500 threshold, gaining momentum towards the $84,000 and $85,500 resistances. A peak was achieved at $86,401 before a correction occurred, leading to a decline past the $85,000 support level. Currently, Bitcoin is testing the $83,200 support, trading below $85,000 and losing momentum under the 100-hourly simple moving average.

Immediate resistance for Bitcoin is around the $84,000 mark and coincides with the 23.6% Fibonacci retracement level from the recent high of $86,401 down to the low of $83,171. Key resistances are situated at $84,500 and potentially at $84,750, which also aligns with the 50% Fibonacci retracement level from the recent price movements. If the price can clear these resistances, it could push towards the next target of $85,500 and possibly up to $86,400.

However, should Bitcoin remain below the $85,000 resistance threshold, further drops may occur. The critical immediate support level sits at $83,500, with significant follow-ups at $83,200 and then $82,200. Persistent losses might drive the price down towards $81,500, with an overarching main support located at $80,800.

Technical indicators signal a bearish sentiment, as the hourly MACD is accelerating negatively within the bearish zone. Meanwhile, the hourly Relative Strength Index (RSI) for BTC/USD has dipped below the 50 level, reflecting a weakening buying pressure. Overall, key support zones are recognised at $83,200 and $82,200, whereas critical resistance levels are marked at $84,750 and $85,500.