Bitcoin Price Decline: Key Support and Resistance Levels Explored

Bitcoin’s price is declining from $86,500, trading below $85,000, and facing potential support at $83,200. A break beneath the $84,500 bullish trend line occurred, suggesting further decline if resistance at $85,000 is not exceeded. Technical indicators highlight bearish momentum, with experienced market analyst Aayush Jindal offering insights into trading strategies and market conditions.

Bitcoin has initiated a decline from the $86,500 mark, currently hovering below the $85,000 threshold and the 100-hourly Simple Moving Average. A notable break occurred under a bullish trend line with support at $84,500 based on the hourly BTC/USD chart. There remains a possibility of an upward movement if the price surpasses the $84,500 zone.

Following a brief surge above the $83,500 line, Bitcoin managed to rise past $84,000 and $85,500 resistance levels, reaching a peak at $86,401 before retracing. However, the current trading price is beneath both $85,000 and the 100-hour Simple Moving Average. Immediate resistance stands approximately at $84,000 and again at $84,500, while upcoming resistance could appear near $84,750.

Should Bitcoin fail to overcome the $85,000 resistance, it risks entering another downward trajectory. Immediate support is found around the $83,500 mark, with major support lying at $83,200. A possible deeper decline may target the $82,200 zone and potentially down to $81,500, with significant support at $80,800.

Current technical indicators reveal the Hourly MACD is gaining momentum in a bearish direction while the RSI is now below the 50 level. The first major support level of $83,200 is closely followed by $82,200, while the notable resistance levels are $84,750 and $85,500.

Aayush Jindal, an expert in financial markets with over 15 years of experience in Forex and cryptocurrency trading, provides significant insights into market dynamics. Distinguished for his technical analysis skills, Aayush aids investors globally in navigating complex financial environments. His background in software engineering also supports the creation of innovative trading strategies, enhancing his analytical acumen.

In addition to his financial prowess, Aayush leads a prominent IT company, fostering digital innovation. He advocates for a balanced work-life approach, blending professional endeavors with personal adventures across diverse cultures. Aayush is driven by a commitment to excellence and continuous learning, which underpins his success as a market analyst and advisor, embodying a source of inspiration for aspiring traders.

The content presented is for educational purposes and does not constitute financial advice. Investors should conduct thorough research and consider the inherent risks before making investment decisions.