Key Highlights
- Bitcoin started a fresh decline and traded below $75,000.
- A key bearish trend line has formed with resistance at $78,800 on the 4-hour chart.
- Ethereum extended losses and might soon revisit $2,000.
- Gold prices gained traction and traded above $4,050.
Bitcoin Price Technical Analysis
Bitcoin price failed to remain above $80,000 against the US Dollar. BTC started a fresh decline and traded below the key support at $76,500.
Looking at the 4-hour chart, the price settled below $76,500, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The price traded as low as $73,598, and the price is now consolidating losses.
On the upside, the price is facing resistance near the 23.6% Fib retracement level of the downward move from the $81,113 swing high to the $73,598 low.
The first major resistance might be $76,500. The main hurdle now could be $78,800 or the 61.8% Fib retracement level. There is also a key bearish trend line formed with resistance at $78,800. A close above $78,800 could start another steady increase. In the stated case, the bulls could aim for a move to $82,000. Any further gain might call for a test of $83,500.
If there is a fresh decline, the pair might find bids near the $73,800 level. The first major support could be $72,000. A downside break and close below $72,000 could trigger a sharp decline. In the stated scenario, the price could test $70,000.
Looking at Ethereum, the price is showing some bearish signs, and the bears might aim for a move for a test of $2,000.
Today’s Key Economic Releases
- US Consumer Price Index for Oct 2026 (MoM) – Forecast +0.3%, versus +0.6% previous.
- US Consumer Price Index for Oct 2026 (YoY) – Forecast +3.9%, versus +3.7% previous.
- US Consumer Price Index Ex Food & Energy for Oct 2026 (YoY) – Forecast +2.8%, versus +2.6% previous.
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