BTCUSD Bitcoin Approaches $80k Support: Will It Hit $73,767?Follow me to learn about the latest BTCUSD, XAUUSD news and technical analysis
Bitcoin is below
82K, indicating a potential higher correction to $80K on fear and uncertainty. Bitcoin is experiencing a sharp correction as liquidations in the crypto market reached as high as $217 million in the past 24 hours. Over the past four days, Bitcoin has fallen by 6% to as low as $81,287 in a 24-hour period. Currently, Bitcoin is trading at $81,993, showing signs of lower price rejection.Bitcoin Analysis Warns of Retest Nearing $80K
On the daily chart, Bitcoin’s price action shows a massive bearish reversal from an overhead resistance trendline. This places the 67.8% Fibonacci level at $86,145 and the 200-day EMA near $85,500. However, the downtrend has triggered a bearish crossover of the MACD and signal lines, suggesting a steep correction is likely.
However, the prevailing bearish pressure suggests the risk of further downside moves due to increasing fear. According to the Fibonacci levels, the immediate support for Bitcoin is near $80,000 at the 50% Fibonacci level. A breakdown below this support could result in a retest at the 38.2% Fibonacci level at 73,767. On the other hand, if Bitcoin manages a bullish rebound, it could aim to retest the 200-day EMA at $85,452.
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