Bitcoin price struggled to maintain its position above the $81,500 support zone. BTC has initiated a downside correction, slipping below the $81,200 and $80,800 thresholds, thereby entering a short-term bearish zone. A decline occurred beneath the 38.2% Fibonacci retracement level of the upward movement from the $74,940 swing low to the $82,790 peak. Additionally, the hourly chart of the BTC/USD pair shows a break below a bullish trend line, with support at $80,800.
Bitcoin has dipped below the $80,000 mark and is currently positioned under the 100 hourly simple moving average. If the price holds steady above $78,500, it may look to initiate a new upward movement. Immediate resistance is positioned around the $80,400 mark. The initial significant resistance stands around the $80,800 mark. A close above the $80,800 resistance could propel the price even higher. In the given scenario, the price may increase and challenge the $81,250 resistance level. Further gains could propel the price to the $82,000 mark. The upcoming resistance level for the bulls may be $82,500.
If Bitcoin does not manage to break through the $81,000 resistance zone, we may witness the onset of another decline. Immediate support is located around the $78,800 mark, coinciding with the 50% Fibonacci retracement level of the upward movement from the $74,940 swing low to the $82,790 peak. The initial significant support is around the $78,000 mark. The upcoming support level is currently positioned around the $77,800 mark. Further losses could push the price down to the $77,200 support level in the short term. The primary support level currently stands at $76,500, and if BTC falls below this threshold, it could face challenges in making a recovery in the short term.