Bitcoin Plummets Below $80K, Eyes on $70K as Bearish Trend Intensifies

Bitcoin has experienced a significant downturn, failing to reclaim the crucial $80,000 mark and subsequently putting the $70,000 support level squarely on the radar. The cryptocurrency, down over 10% recently, signals a deepening bearish sentiment across the market.

BTC's Retreat: A Closer Look at the Decline

After struggling to maintain stability above the $85,000 threshold, Bitcoin initiated a sharp decline, breaching key support levels at $83,200 and $82,500. This bearish momentum pushed the price decisively below $80,000, ultimately forming a low near $75,665. Currently, BTC is trading below $78,500 and the 100-hourly simple moving average. A prominent bearish trend line with resistance near $79,200 on the hourly chart of the BTC/USD pair underscores the prevailing downward pressure.

Critical Levels: Support and Resistance in Focus

Should Bitcoin fail to mount a recovery above the $79,200 resistance zone, further losses are highly probable. Immediate support is identified near $76,200, with the first major support level resting at $75,500. A breach below this could accelerate the descent toward the $75,000 area, and potentially even trigger a move to $72,000. The ultimate psychological and technical support remains at $70,000, a level that Bitcoin may struggle to hold if the current bearish wave continues. Technical indicators also paint a grim picture, with the hourly MACD showing increasing bearish momentum and the Relative Strength Index (RSI) positioned below the 50 level. For any bullish reversal to gain traction, Bitcoin would need to close above the $79,200 resistance, paving the way for potential tests of $82,000 and, further up, the $83,000 level, which aligns with the 50% Fib retracement of the recent swing from $90,440 high to $75,665 low. However, significant hurdles at $84,000 and $84,500 would still lie ahead for the bulls.