Market Jitters: Bitcoin Dives, $80K Breakout in Jeopardy

Bitcoin price has seen a sharp decline below the $85,000 support level, with the potential for further losses if it fails to stay above $80,000. The price is currently trading below the 100 hourly Simple Moving Average and facing resistance at $83,800. If it fails to break above $85,000, the price could continue to decline, with key support levels at $80,000, $78,500, and $76,200. On the upside, resistance levels are at $83,800 and $85,000. Technical indicators show bearish signals with the MACD in the bearish zone and the RSI below 50. Traders should monitor these key levels for potential price movements in the near term.