Bitcoin price started a fresh decline below the $83,500 zone. BTC is consolidating losses and might start another decline below the $80,000 level.

• Bitcoin started a fresh decline below the $82,000 zone.
• The price is trading below $81,200 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $80,500 zone.

Bitcoin Price Dips Below Support

Bitcoin price failed to settle above the $83,500 level and started a fresh decline. BTC traded below the $83,000 ad $82,000 levels to enter a bearish zone.

There was a break below a connecting bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair. The pair even dived below the $80,000 support zone. A low was formed at $77,057 and the price started a recovery wave.

There was a move above the $78,800 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $83,680 swing high to the $77,057 low. However, the price is struggling to continue higher.

Bitcoin price is now trading below $81,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $80,000 level. The first key resistance is near the $80,500 level or the 50% Fib retracement level of the recent decline from the $83,680 swing high to the $77,057 low.

The next key resistance could be $81,500. A close above the $81,500 resistance might send the price further higher. In the stated case, the price could rise and test the $82,500 resistance level. Any more gains might send the price toward the $83,500 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $80,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $77,500 level. The first major support is near the $77,000 level.

The next support is now near the $76,500 zone. Any more losses might send the price toward the $75,000 support in the near term. The main support sits at $74,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $77,500, followed by $77,000.

Major Resistance Levels – $80,000 and $80,500.

Cardano (ADA) has faced a sharp price decline amid heightened volatility and widespread liquidations across the broader crypto market. Over the past 24 hours, ADA has shed more than 10% of its value, marking one of its steepest single-day losses in recent months. 

ADA is now trading at $0.52, levels last seen in November 2024. This reinforces the growing bearish sentiment against the altcoin.

Death Cross and Heavy Outflows Weigh on ADA

ADA’s downturn in the past day has pushed its price into precarious territory, with a death cross now appearing on its daily chart. This marks the first time the pattern will appear on ADA charts since May 2024. 

The death cross pattern—where the 50-day moving average falls below the 200-day moving average—is viewed as a long-term bearish signal, often preceding extended periods of price weakness. 

When a death cross is formed, it indicates a definitive shift in market sentiment from bullish to bearish, leading to increased selling pressure and a possible further decline in price. This suggests ADA could face continued downward pressure in the near term if the bulls remain in the shadows.

Moreover, the steady outflows from the ADA spot markets add to the downward pressure on its price. According to Coinglass, ADA spot outflows have totaled $12 million so far today.

Over the past month, capital exit from the ADA spot markets has exceeded $150 million.

Spot outflows like this indicate bearish sentiment, as they suggest that investors are pulling their capital in anticipation of further price drops or moving funds into other assets. 

This persistent trend signals a loss of confidence among ADA traders as they continuously liquidate their positions. This has worsened the market’s selling pressure and contributed significantly to ADA’s price troubles. 

Cardano’s Downward Trend Deepens: Death Cross Threatens More Drop

While broader market instability has impacted many altcoins, ADA’s price drop is notable due to the formation of the Death Cross. The emergence of this technical indicator, combined with a multi-month price low as buying activity falls, suggests ADA could face continued downward pressure in the near term.

In this scenario, its value could dip to $0.44, marking a 14% decline from its current value. 

On the other hand, a resurgence in new demand for the altcoin will invalidate this bearish outlook. In that scenario, ADA’s price could regain its losses and attempt to break above resistance at $0.54.

If successful, it could extend its gains to $0.64. 

Ethereum price failed to recover above $1,820 and dropped below $1,650. ETH is now consolidating losses and might face resistance near the $1,675 zone.

• Ethereum failed to stay above the $1,650 and $1,620 levels.
• The price is trading below $1,650 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains at risk of more losses below the $1,550 support zone.

Ethereum Price Dips Further

Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,750 and $1,700 levels.

There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD. The bears even pushed the price below the $1,600 level. A low was formed at $1,537 and the price recently corrected some losses.

There was a move above the $1,580 level. The price tested the 23.6% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. However, the bears are active near the $1,600 zone. The price is now consolidating and facing many hurdles.

Ethereum price is now trading below $1,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level.

The next key resistance is near the $1,675 level or the 50% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. The first major resistance is near the $1,710 level. A clear move above the $1,710 resistance might send the price toward the $1,820 resistance.

An upside break above the $1,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,550 level. The first major support sits near the $1,535 zone.

A clear move below the $1,535 support might push the price toward the $1,420 support. Any more losses might send the price toward the $1,400 support level in the near term. The next key support sits at $1,350.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,550

Major Resistance Level – $1,600