Bitcoin Retreats from Highs, Key Support Levels in Focus

Bitcoin's price has retreated from its recent highs, with key support levels now in focus following a reversal. The cryptocurrency started a fresh decline from the $95,000 resistance zone, falling below $90,000 and potentially setting the stage for further downward movement.

Bitcoin's price initially rallied above the $88,000 and $90,000 resistance levels, testing the $95,000 resistance. However, it failed to maintain these gains and began a fresh decline below $92,000. The price subsequently dipped over 10%, trading below the 50% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. Additionally, there was a break below a connecting bullish trend line with support at $88,000 on the hourly chart of the BTC/USD pair.

As of now, Bitcoin's price is trading below $90,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $85,000 level, with the first key resistance at the $86,600 level. The next key resistance could be $88,500. A close above the $88,500 resistance might send the price further higher, potentially testing the $90,000 resistance level. Any more gains might push the price toward the $92,000 level or even $93,500.

If Bitcoin fails to rise above the $88,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,250 level and the 76.4% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. The first major support is near the $80,000 level. The next support is now near the $78,500 zone. Any more losses might send the price toward the $76,000 support in the near term. The main support sits at $75,000.

Technical indicators suggest a bearish