Bitcoin Drops 10% to $76,818, Faces $84,000 Resistance

Bitcoin's price has recently experienced a decline, dropping below the $85,000 mark. This downturn saw the cryptocurrency testing support levels at $82,000 and $80,000 before finding a low at $76,818. Following this decline, Bitcoin has initiated a recovery, surpassing resistance levels at $78,000 and $80,000. The bullish momentum has pushed the price above the 23.6% Fibonacci retracement level of the downward move from $91,060 to $76,818.

Currently, Bitcoin is trading below $84,000 and the 100-hour simple moving average. Immediate resistance is encountered at $83,200, with a key resistance level at $84,000. This level is also significant as it aligns with the 50% Fibonacci retracement of the same downward move. Further resistance is anticipated at $85,000. A successful close above $85,000 could propel the price higher, potentially testing resistance levels at $86,500, $88,000, and even $96,200.

However, if Bitcoin fails to surpass the $84,000 resistance zone, it may face another decline. Immediate support on the downside is at $81,200, with major support levels at $80,000 and $78,000. Further losses could see the price testing the $76,500 support level, with the main support sitting at $75,000.

Technical indicators suggest that the hourly MACD is losing momentum in the bullish zone, while the hourly RSI for BTC/USD is above the 50 level. This indicates a potential for further price movements, but the direction remains uncertain. The immediate future of Bitcoin's price will likely be determined by its ability to overcome the $84,000 resistance level and sustain gains above it.