Bitcoin (BTCUSD) dropped below the closely watched $80,000 level on Sunday evening, tracking 澳洲幸运5官方开奖结果体彩网:U.S. stock index futures sharpl🍌y lower amid intensifying worries about the impact of tar♔iffs.

The 澳洲幸运5官方开奖结果体彩网:pioneer cryptocurrency plunged 5% to around $79,000 as market participants braced for further market volatility after 澳洲幸运5官方开奖结果体彩网:China on Friday responded to the Trump administration’s recently announced sweeping tariffs with retaliatory duties, heightening concerns of a drawn-out trade war that could trigger a 澳洲幸运5官方开奖结果体彩网:worldwide recession.

Bitcoin also continues to face selling pressure from liquidations, an event where falling prices force traders to sell their bullish bets on the cryptocurrency at a loss. According to crypto analytics site CoinGlass, bitcoin has suffered $250 million in long liquidations over the past 24 hours, the highest amount since March 7. Bitcoin has tumbled 15% year to date after more than doubling last year on expectations of 澳洲幸运5官方开奖结果体彩网:regulatory tailwinds.

Below, we take a closer look at bitcoin’s chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key price levels worth watching out for amid a tariff-driven global market selling rout.🌌

Death Cross in Focus

After falling below the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) last month, bitcoin’s price consolidated within a 澳洲幸运5官方开奖结果体彩网:rising wedge before breaking down below the bea♎rish patt🎶ern in late March, signaling a continuation move lower.

Indeed, the cryptocurrency’s price has continued its 澳洲幸运5官方开奖结果体彩网:downtrend, with declines accelerating on Sunday evening after a brief period of 澳洲幸运5官方开奖结果体彩网:sideways drift. It’s also worth pointing out that the 50-day MA has crossed below the 200-day MA to form an ominous 澳洲幸运5官方开奖结果体彩网:death cross, a chart pattern that warns of further selling.

Let’s identify three key 澳洲幸运5官方开奖结果体彩网:support levels on bitcoin’s chart that investors may be watching and also locate a major overhead area to eye during poꦦtential recovery efforts in the cryptocurrency's price.

Key Support Levels to Watch

A 澳洲幸运5官方开奖结果体彩网:breakdown below last month’s low could see a move to around $74,000. This area on bitcoin’s chart may provide support near a multi-month 澳洲幸运5官方开奖结果体彩网:trendline that connects last year’s prominent March peak and lat𓂃e-October high that preceded November’s election-fueled breakout🐬.

The bulls’ failure to defend this important 澳洲幸运5官方开奖结果体彩网:technical level could trigger a decline to the $65,000 l📖evel. The cryptocurrency’s price may attract support in this region near last year’s August and September peak’s, which closely align with the October trough. 

Interestingly, this location also sits in the same neighborhood as a projected bars pattern downside target that takes bitcoin’s move lower from late January to early March and ⛎repositions it from the rising wedge pattern’s breakdown point.

Further selling could bring the $57,000 level into play. Investors may look to 澳洲幸运5官方开奖结果体彩网:accumulate bitcoin near last year’s May 澳洲幸运5官方开奖结果体彩网:swing low, with the area also sitting just above three pr﷽ominent troughs that formed on the chart between Ju🍸ly and September.

Major Overhead Area to Eye

During potential recovery efforts in bitcoin's price, investors should eye the $87,000 area. This region currently provides a 澳洲幸运5官方开奖结果体彩网:confluence of overhead 澳洲幸运5官方开奖结果体彩网:resistance from the 50- and 200-day MAs anꦦd a range of comparable trading levels on the chart stretching back to early November last year.

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As of the date this article was written, the author does not own any of the above securities.