Bitcoin falls below $80,000 as sellers maintain control of the market

Bitcoin failed to hold above the $80,500 support zone, extending its negative movement and slipping below the $80,000 level, with additional losses pushing the cryptocurrency under $79,500.

Bitcoin dropped below $79,000, hitting a low at $78,720 before beginning to trade within a narrow range to consolidate losses. The price also posted a slight rebound above the 23.6% Fibonacci retracement level of the downward move from the $81,250 high to the $78,720 low.

Bitcoin is currently trading below the $80,500 level and beneath the 100-hour simple moving average, reflecting continued short-term selling pressure.

If the price manages to stabilize above the $79,000 level, it could attempt another upward move. The first immediate resistance appears near the $80,000 level, which also aligns with the 50% Fibonacci retracement level of the latest downward move.

The first major resistance stands near $80,500, while a bearish trendline is forming on the hourly chart with resistance near $80,700 for the BTC/USD pair.

If the price closes above the $80,700 level, it could open the door for further gains toward the $81,200 zone, while additional upside momentum may push the price toward $82,000, with the next resistance near $82,500.

Further downside possible

On the other hand, if Bitcoin fails to break above the $80,500 resistance zone, it could start another downward wave. Immediate support is located near the $79,200 level.

The first major support stands at $78,800, followed by another important support near $78,000. If selling pressure continues, the price could decline toward the $76,200 area in the near term.

The $75,500 level remains the key major support for now, as a break below it could make a short-term recovery significantly more difficult for Bitcoin.