Bitcoin price initiated another decline from the $92,000 zone, slipping below $85,500 and possibly further under $80,000. Currently trading below $85,000 and the 100 hourly Simple moving average, a short-term bearish trend is evident.
Resistance sits at $83,200 on the BTC/USD hourly chart, threatening another drop if Bitcoin can't surpass the $83,000 resistance zone. Major support levels are at $80,000 and $78,000, while resistance could lead Bitcoin back toward $90,000.
The hourly MACD signals a fading bearish pace, and RSI stands below 50, emphasizing the pressure Bitcoin faces.