Bitcoin Approaches $80k Support: Will It Hit $73,767?

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Bitcoin is below 82K, indicating a potential higher correction on fear and uncertainty of $80K. Bitcoin is experiencing a sharp correction as liquidations in the crypto market reached as high as $217 million in the past 24 hours. Over the past four days, Bitcoin has fallen by 6% to as low as a 24-hour low of $81,287. Currently, Bitcoin is trading at $81,993, showing signs of lower price rejection.

Bitcoin Analysis Warns of Retest, Nearing $80K
On the daily chart, Bitcoin’s price action shows a massive bearish reversal from the overhead resistance trendline. This puts the 67.8% Fibonacci level at $86,145 and the 200-day EMA near $85,500. However, the downtrend has triggered a bearish crossover of the MACD and signal lines, indicating that a steep correction is likely.

However, the prevailing bearish pressure indicates the risk of further downside action due to increasing fear. According to Fibonacci levels, the immediate support for Bitcoin is near $80,000 at the 50% Fibonacci level. A breakdown below this support could result in a retest at the 38.2% Fibonacci level at 73,767. On the other hand, if Bitcoin manages a bullish rebound, it could aim to retest the 200-day EMA at $85,452.
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