Bitcoin price started a fresh decline from the $92,000 zone. BTC is back below $85,500 and might continue to move down below $80,000.

• Bitcoin started a fresh decline below the $85,000 zone.
• The price is trading below $85,000 and the 100 hourly Simple moving average.
• There is a short-term bearish trend line forming with resistance at $83,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to clear the $80,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price started a fresh decline below the $88,000 level. BTC traded below the $86,000 and $85,000 support levels. Finally, the price tested the $80,000 support zone.

A low was formed at $80,006 and the price recently started a recovery wave. There was a move above the $80,500 and $81,200 resistance levels. The bulls pushed the price toward the 23.6% Fib retracement level of the downward move from the $91,060 swing high to the $80,006 low.

Bitcoin price is now trading below $85,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $82,700 level. The first key resistance is near the $83,000 level.

There is also a short-term bearish trend line forming with resistance at $83,200 on the hourly chart of the BTC/USD pair. The next key resistance could be $85,000. It is near the 50% Fib retracement level of the downward move from the $91,060 swing high to the $80,006 low.

A close above the $85,000 resistance might send the price further higher. In the stated case, the price could rise and test the $87,500 resistance level. Any more gains might send the price toward the $90,000 level or even $96,200.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $81,000 level. The first major support is near the $80,200 level.

The next support is now near the $80,000 zone. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $75,000.

Technical indicators:

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

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

Major Support Levels – $80,000, followed by $78,000.

Major Resistance Levels – $83,000 and $85,000.

Arkham Intelligence has unveiled a new feature allowing users to track the wallets of Key Opinion Leaders (KOLs) on X (formerly Twitter).

This development comes amid a flurry of new meme coins, capitalizing on token launchpads for easy launches.

New Arkham Feature Lets Users Track Influencers’ Token Holdings

The update, announced in a recent post, introduces the “Key Opinion Leader (KOL) Label.” It tracks the wallets of influencers with over 100,000 followers on X.

“Influencers with more than 100K+ followers on Twitter/X are now tagged on Arkham with a new label: Key Opinion Leader,” read the announcement.

This means investors can monitor whether influencers genuinely back the tokens they promote or if their endorsements are merely paid advertising. The move has sparked widespread debate within the crypto community, particularly concerning its impact on influencer-endorsed meme coins.

“Biggest scammer on top! Now everyone can watch your wallets. But they should know y’all have multiple ones,” one user wrote.

The introduction of Arkham’s KOL Label comes amid increasing concerns over the reliability of influencer-backed tokens. A recent report revealed that 76% of influencer-endorsed tokens fail to deliver.

Specifically, their value plummeted by more than 90% within just three months.

As BeInCrypto reported, the research suggested earning up to $399 per promotional tweet, incentivizing certain influencers to prioritize financial gain over credibility.

It also showed that many promoted tokens lack fundamental utility and community engagement, leading to inevitable crashes.

“Influencers with over 200,000 followers tend to have the worst performance. The larger the influencer’s following, the lower the performance of the meme coins they promote,” the report claims.

Similarly, blockchain investigator ZachXBT recently exposed 16 influencer accounts on X that coordinated pump-and-dump schemes, leaving their followers to absorb the losses. This fueled debates about the ethical responsibilities of influencers in crypto markets.

With Arkham’s new tracking feature, investors can now scrutinize whether influencers hold the tokens they endorse. This could provide greater transparency in an industry plagued by misinformation and deceptive marketing tactics.

“Interesting move—transparency meets influence,” a user on X remarked.

The pattern mirrors previous crypto fads, where early investors profit while latecomers bear the brunt of financial losses. Arkham’s new tool could expose questionable practices, distinguishing genuine endorsements from misleading promotions.

By tracking influencers’ wallet activities, users can identify whether influencers hold the tokens they promote, indicating a true conviction. They could also spot red flags, such as influencers dumping tokens shortly after promoting them.

Experts, including Tron founder Justin Sun, emphasize the importance of fundamentals, tokenomics, and risk management for investors within the volatile meme coin market.

“I will check on the real social engagement. Are those likes real, or it’s just general bullshit? Do they have lots of influence, and the people really believe them? Also, I will see the founders, see their material, and see the memes they made and the videos they made. I will see if this is the right video and the right social engagement,” Sun elaborated.

These approaches reflect the importance of caution and due diligence instead of relying solely on influencer endorsement.