Bitcoin Price Declines Below $80,000 Amidst Bearish Outlook
Bitcoin’s price has dropped below $80,000, with a recent low of $78,617. Despite buy attempts, technical indicators portray a bearish market, with key support and resistance levels identified. Investors are advised to conduct thorough research before trading.
The price of Bitcoin (BTC) has recently experienced a significant decline, dropping below the $80,000 threshold. After maintaining a position above the $82,500 support level for several days, the cryptocurrency fell to $78,617 on February 28, despite attempts by bulls to buy the dips. Prior predictions indicated that Bitcoin would find a support level around $80,336.10, correlating with the 2.618 Fibonacci extension.
As of March 2, the buying pressure proved insufficient to keep Bitcoin above the 21-day Simple Moving Average (SMA), resulting in a mid-range trading scenario following its retreat. The price hovers just above the $80,000 mark but is presently beneath several moving average lines, contributing to a bearish long-term forecast.
Technically, Bitcoin’s current price action features extended candle tails indicating strong selling pressure below the $80,000 support. There is notable buying resistance observed at this level, while the 4-hour chart suggests sideways movement, as indicated by horizontal moving average lines.
Key supply levels for Bitcoin are identified at $108,000, $109,000, and $110,000, while significant demand levels exist at $90,000, $80,000, and $70,000. The cryptocurrency trades above the $80,000 support, mindful of the $95,000 resistance, with recent patterns suggesting consolidation above $85,000 supported by doji candlesticks.
It is pertinent to note that this analysis represents the author’s personal opinions and should not be considered as investment advice. Readers are encouraged to conduct their own research before making any investment decisions concerning cryptocurrency.
In conclusion, Bitcoin has fallen below $80,000 amidst challenging market conditions, with sellers exerting pressure. The cryptocurrency’s current positioning indicates potential recovery attempts above this support level. However, technical indicators suggest a bearish outlook in the short term, and investors should remain cautious and informed before engaging in trading activities.
Original Source: coinidol.com
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