Bitcoin, 80,000 dollar line collapses... Is the bull market over?

▲ Bitcoin (BTC)

Bitcoin (BTC) has fallen below the $80,000 mark, giving back some of its short-term gains. After breaking below the $81,200 range and losing the $80,800 support line, the short-term bearish trend has strengthened.

According to crypto media outlet NewsBTC on May 8, Bitcoin expanded its decline after failing to hold above $80,500. 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 had formed the $80,800 support was broken.

The technical trend also leaned 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. While a rebound attempt is possible if it stabilizes above $78,500, the short-term resistance is located near $80,400.

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

Conversely, if Bitcoin fails to reclaim the $81,000 resistance zone, additional downward pressure could increase. Immediate support is at $78,800 or the 50% Fibonacci retracement of the rise from the $74,940 low to the $82,790 high. Key support is presented at $78,000, with the next support zone 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) accelerated its decline in the bearish zone, and the hourly Relative Strength Index (RSI) fell below 50. NewsBTC suggested key support levels at $78,800 and $78,000, and key resistance levels at $81,200 and $81,500.

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