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Bitcoin fails above $80,000 as pullback accelerates
BTC hit $82,266 before reversing, falling back below $81,400 and $81,000 on the 4-hour chart, with downside levels flagged near $72,500.
Bitcoin attempted to hold above $80,000 against the US dollar but failed to maintain the breakout, according to Action Forex. BTC traded to a new multi-week high at $82,266 before rejecting and starting another pullback.
On the 4-hour chart, the pullback pushed BTC below key technical markers, including the bullish trend line support around $79,250 and the 50% Fibonacci retracement level of the move from $76,139 to $82,266.
Further losses could see BTC revisit $76,200, with first major support cited near $72,500, the 200 simple moving average on the 4-hour chart, and the 1.618 Fibonacci extension. A downside break and close below $72,500 could open the door to a sharper decline toward $70,000.
The upside levels noted include resistance at $79,950 and the $80,000 area, with main resistance around $81,400. Action Forex also said Ethereum is struggling to settle above $2,550, suggesting it may face a near-term downside correction.
Latest closeBitcoin $81,906.63 ▼1.4%