#Gate广场五月交易分享

Bitcoin price further drops below $79k—Are bears harvesting the market?

Bitcoin price fell below the $80,500 region and started a new decline. Currently, Bitcoin is consolidating and may struggle to hold the $78,800 support level.

Bitcoin failed to stay above $80,500, and the downtrend has expanded.

The current price is below $80k and the 100-hour simple moving average.

On the BTC/USD hourly chart (data from K), a bearish trend line is forming, with resistance at $80,700.

If this pair continues to break below $80,500 and $81,200 levels, the decline could accelerate.

Bitcoin price continues to fall

Bitcoin failed to hold the support zone at $80,500. BTC remains in a downtrend and extends its decline. The loss broke below the $80,000 mark, and at one point, it fell below $79.5k.

The price even briefly dropped below $79,000. The low was at $78,720, and the current price is consolidating its decline. The price slightly rebounded, breaking through the 23.6% Fibonacci retracement level of the decline from $81,250 high to $78,720 low.

Bitcoin is currently trading below $80,500. If the price stabilizes above $79,000 and the 100-hour simple moving average, it may attempt a new rally. Immediate resistance is near $80,000 or the 50% Fibonacci retracement of the decline from $81,250 to $78,720.

The first key resistance is near $80,500. Additionally, on the BTC/USD hourly chart, a descending trend line is forming, with resistance at $80,700.

If the closing price exceeds the resistance at $80,700, the price could rise further. In this case, it may test the resistance at $81,200. Any further gains could push the price toward $82,000. The next resistance for bulls could be at $82,500.

Will Bitcoin’s downside expand?

If Bitcoin fails to break above the $80,500 resistance, a new decline could begin. Recent support is around $79,200.

The first major support is near $78,800. The next support is around $78,000. If the price continues to fall, it could short-term test the support at $76,200. The main support is at $75,500, and if this level is broken, Bitcoin may struggle to rebound in the short term.

Technical indicators:

Hourly MACD — The MACD indicator is currently slowing its decline in the bearish zone.

Hourly Relative Strength Index (RSI) — The BTC/USD RSI is currently below the 50 level.

Major support levels — $78,800, followed by $75,000.

Major resistance levels — $80,000 and $80,700.