Bitcoin, that capricious child of the digital age, has once again decided to test the patience of its followers. After a brief flirtation with the $90,000 mark, it has now retreated below $82,500, as if it were a shy suitor unsure of its own worth. The whispers of a deeper correction grow louder, and the market watches with bated breath.
- Bitcoin, in its infinite wisdom, has slipped below the $82,000 threshold.
- It now languishes below $80,000, far from the comforting embrace of the 100-hour Simple Moving Average.
- A bearish trend line, as stubborn as a mule, has formed with resistance at $82,200 on the hourly chart of the BTC/USD pair (data courtesy of Kraken).
- Should Bitcoin fail to conquer the $82,000 resistance, it may well embark on another downward spiral.
Bitcoin’s descent began below the $85,000 level, and it has since tumbled past the $83,000 and $80,000 supports, finally finding a temporary resting place at $76,500. A low of $76,818 was recorded, and the price has since entered a period of consolidation. The bulls, ever hopeful, managed to push the price toward the 23.6% Fib retracement level of the downward move from the $91,060 swing high to the $76,818 low.
Currently, Bitcoin trades below $80,000 and the 100-hour Simple Moving Average. On the upside, immediate resistance looms at $80,200, with the first key resistance at $82,000. A bearish trend line, as unyielding as a Russian winter, has formed with resistance at $82,200 on the hourly chart. The next key resistance could be $84,000, near the 50% Fib retracement level of the downward move from the $91,060 swing high to the $76,818 low.
A close above the $84,000 resistance might propel the price higher, potentially testing the $85,500 resistance level. Further gains could see Bitcoin aiming for $88,000 or even $96,200, though such optimism feels as fleeting as a summer breeze.
However, if Bitcoin fails to rise above the $82,000 resistance, it may well begin another decline. Immediate support lies at $77,200, with the first major support at $76,500. The next support is near the $75,000 zone, and any further losses could see the price plummet toward $72,000. The main support sits at $70,000, a figure that feels as distant as the moon.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone, as if it were a tired old man.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, signaling a lack of strength.
Major Support Levels – $76,500, followed by $75,000.
Major Resistance Levels – $80,000 and $82,000.
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2025-03-11 07:18