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Bitcoin fails to hold $85,000 as downside momentum builds
The report also said BTC slipped below its 100-period simple moving average on the 4-hour chart, while Ethereum lost key support levels near $2,680 and $2,620.
Bitcoin failed to hold above $85,000 against the US dollar and started a downside correction, according to technical analysis from Action Forex.
The outlet said BTC saw bearish momentum after trading below a triangle support at $85,000, including a close below that level and below the 100 simple moving average on the 4-hour chart.
Action Forex also outlined possible lower levels if selling pressure continues, including a potential retest of the 38.2% Fibonacci retracement around $82,600, then support near $81,500 and the 200 simple moving average, with the main base near the 61.8% Fibonacci level around $79,650.
On Ethereum, the report said ETH dipped below $2,680 and $2,620 support levels after failing to settle above $2,750.
Latest closeBitcoin $82,618.30 ▼3.4%|Ethereum $2,560.99 ▼5.1%