Bitcoin’s price is doing its best impression of a rollercoaster that only goes down. 🎢 Below $85,000? Check. Struggling to recover above $83,500? Double check. Buckle up, folks.
- Bitcoin decided to take a nosedive below the $83,500 support zone. Because why not?
- It’s now trading below $83,200 and the 100-hourly Simple Moving Average. Because averages are overrated anyway.
- There’s a bearish trend line forming with resistance at $82,750 on the hourly chart. Bears are having a field day. 🐻
- If Bitcoin stays below $83,500, it might just keep falling. Gravity, am I right?
Bitcoin couldn’t hold onto the $85,500 level, which is like losing your grip on a greased-up watermelon. 🍉 It’s now below $85,000, and the bears are flexing their muscles like they’re auditioning for a protein shake commercial.
It even dipped below $82,000, hitting a low of $81,586. Now it’s just chilling below the 23.6% Fib retracement level, probably binge-watching Netflix and eating ice cream straight from the tub. 🍦
On the upside, there’s resistance at $82,000 and $82,750. There’s also that pesky bearish trend line at $82,750, because why make things easy?
The trend line is near the 61.8% Fib retracement level. If Bitcoin can break above $83,500, it might actually go up. But let’s not get our hopes up. The next resistance levels are $84,200 and $84,800. Or, you know, it could just keep falling. 🤷♀️
If Bitcoin can’t get above $83,500, it might start another decline. Immediate support is at $81,800, followed by $81,500. If it keeps dropping, it could hit $80,650 or even $80,000. The main support is at $78,500, which is basically the basement of this crypto house. 🏚️
Technical indicators:
Hourly MACD – It’s gaining pace in the bearish zone. Bears are winning, folks. 🐻
Hourly RSI – It’s below 50, which is like getting a C- on your crypto report card. 📉
Major Support Levels – $81,500 and $80,650. Because everyone needs a safety net.
Major Resistance Levels – $82,750 and $83,500. Because why make it easy?
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- BTC/USD
2025-03-31 05:48