The cardano (ada)cryptocurrency market witnessed Bitcoin slipping below the crucial $80,000 mark, sparking discussions about potential further downside. BTC recently retreated from the $90,000 territory and now faces critical technical challenges.
BTC has established a downward trajectory after failing to maintain above $82,000.
The digital asset currently trades beneath both the $80,000 psychological level and its 100-hour moving average.
A significant bearish trend line has emerged with resistance near $82,200 on BTC's hourly chart.
Failure to overcome the $82,000 barrier could trigger additional downward pressure.
Analyzing Bitcoin's Current Position
After peaking near $91,000, Bitcoin entered a corrective phase that saw it breach multiple support levels. The descent below $85,000 accelerated as selling pressure intensified, ultimately leading to a test of the $76,500 support area.
The cryptocurrency found temporary footing around $76,800 before entering a consolidation pattern. This pause allowed for a modest recovery attempt, with BTC climbing toward the 23.6% Fibonacci retracement level of its recent decline.
Market participants are closely monitoring several technical factors:
- The $80,000 level now serves as immediate resistance
- The 100-hour moving average continues to act as overhead resistance
- A descending trendline near $82,200 presents additional selling pressure
The 50% retracement level around $84,000 represents another significant hurdle that bulls would need to overcome to signal potential trend reversal.
Potential Market Scenarios
Should Bitcoin successfully clear the $82,000-$84,000 resistance cluster, it could open the door for a retest of higher levels. In such case, traders might target the $85,500 area initially, with potential extensions toward $88,000 or even $96,000.
Conversely, rejection at current resistance levels could reignite bearish momentum. Immediate support rests at $77,200, followed by the recent low near $76,500. A breach below this zone might expose the $75,000 support, with $72,000 and $70,000 representing longer-term support areas.
Technical indicators currently suggest:
- The MACD shows weakening bearish momentum but remains in negative territory
- The RSI hovers below the neutral 50 level, indicating ongoing bearish pressure
Market participants should monitor these key levels and indicators for potential shifts in market structure.
