BTCUSD – sellers reassert control following a brief corrective bounce

BTCUSD slumped sharply in early Monday trading, losing around 6% by the mid-European session, retracing more than half of the 80514/93052 rebound and indicating that the corrective phase off the eight-month low at 80514 may have run its course.

Broader downside pressure has returned, as every recovery attempt was consistently rejected at the falling 20DMA and the top of the weekly cloud. The decisive break below the psychological 60K zone – also the base of the recent four-day consolidation – triggered strong acceleration lower and confirmed a renewed bearish signal.

Daily moving averages have reverted to a full bearish setup and negative momentum continues to build, reinforcing the deteriorating near-term outlook.

A sustained close below the broken 50% retracement at 86783 would keep fresh bearish pressure intact and open the way for a test of 85304 (61.8% Fibo). A break there would expose 83473 (76.4%) and key support at 80514, the Nov 21 multi-month low, along with the 80K psychological level.

Any corrective upticks are expected to stay capped below the broken 10DMA at 88903 to preserve the current bearish bias.

Res: 86783; 88262; 88903; 90000
Sup: 85304; 83473; 80512; 80000