Bitcoin, 80,000 Dollar Mark Collapses...Is the Bull Market Over?

▲ Bitcoin (BTC)

Bitcoin (BTC) fell below the $80,000 mark, giving back some of its short-term rebound. After breaking below the $81,200 range, it gave up the $80,800 support line, strengthening the short-term bearish trend.

According to crypto media NewsBTC on May 8, Bitcoin failed to hold above $80,500 and extended its decline. The price moved below $81,000 and the 100-hour simple moving average, and on the Bitcoin/Dollar hourly chart based on Kraken data, the ascending trend line that formed the $80,800 support was broken.

Technical trends also tilted towards short-term selling dominance. Bitcoin fell below the 38.2% Fibonacci retracement level of the rise from the $74,940 low to the $82,790 high. A rebound attempt is possible if it stabilizes above $78,500, but the short-term resistance is located near $80,400.

For a resumption of the uptrend, breaking above $80,800 is considered the primary hurdle. If the $80,800 resistance is surpassed on a closing basis, a test of $81,250 is possible, and further gains could see $82,000 and $82,500 presented as the next resistance levels.

Conversely, if Bitcoin fails to recover the $81,000 resistance zone, additional downward pressure could increase. Immediate support is at $78,800 or the 50% Fibonacci retracement level of the rise from the $74,940 low to the $82,790 high. Key support is at $78,000, and the next support zone is presented at $77,800. If further declines continue, $77,200 is mentioned as a short-term support, and the critical support is located at $76,500.

The hourly Moving Average Convergence Divergence (MACD) indicator increased its downward momentum in the bearish zone, and the hourly Relative Strength Index (RSI) fell below 50. NewsBTC presented key support levels at $78,800 and $78,000, and key resistance levels at $81,200 and $81,500.

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