Look at these Bitcoin price levels while cryptocurrency drops below $ 80,000 in the middle of price worries

Bitcoin (BTCUSD) fell below the level of $ 80,000 watched Sunday evening, according to the term contracts on the lower American stock market index in the intensification of concerns about the impact of prices.

The pioneering cryptocurrency plunged 5% to around $ 79,000 while market players were preparing for a new market volatility after China responded to the Trump administration on Friday with reprisal administration, increasing the concerns of a written trade war that could trigger a global recession.

Bitcoin also continues to cope with the pressure of the sale of liquidations, an event where the drop in prices obliges traders to sell their bullish bets on cryptocurrency at a loss. According to the Crypto Analytics website RinsingBitcoin has undergone $ 250 million long liquidations in the last 24 hours, the highest amount since March 7. Bitcoin dropped 15% for a year after having more than doubled last year on regulatory rear wind expectations.

Below, we take a closer look at the Bitcoin graph and apply a technical analysis to identify the key price levels to monitor in the middle of a world market sales road focused on prices.

Death Cross in Focus

After falling below the mobile average (MA) of 200 days last month, the price of Bitcoin was consolidated in an upward corner before decomposing below the downward model at the end of March, signaling a lower continuation movement.

Indeed, the price of the cryptocurrency continued its downward trend, the decreases accelerating Sunday evening after a brief period of side drift. It should also be emphasized that the 50 -day mastery crossed the 200 -day MA to form a disturbing death cross, a model of graphic that warns against more in -depth sale.

Identify three key levels of key support on the Bitcoin graph that investors can also look and locate a major air area for potential recovery efforts in the price of cryptocurrency.

Key support levels to monitor

Ventilation below last month could see a passage to around $ 74,000. This area on the Bitcoin graph can provide support near a trend line of several months which links the first peak in March of last year and at the end of October which preceded the termination of November fed in the elections.

The incapacity of Bulls to defend this important technical level could trigger a drop in $ 65,000. The cryptocurrency prize could attract the support of this region near the year of August and September of last year, which aligns closely with the hollow of October.

Interestingly, this location is also in the same district as a drop in the model of the projected bars model which tips the bitcoin movement from the end of January to early March and the repositioning of the breakdown point of the upright corner model.

The additional sale could put the level of $ 57,000 at stake. Investors can seek to accumulate Bitcoin near May Swing from last year, the area also being seated just above three prominent hollows which were formed in the table between July and September.

Major air area with eye

During potential recovery efforts in the Bitcoin price, investors should look at the $ 87,000 area. This region is currently providing a confluence of resistance to general costs of the 50 and 200 day MAS and a range of comparable negotiation levels on the graph dates back to the beginning of November of last year.

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