Bitcoin price started a fresh decline below the $76,500 zone. BTC is consolidating and might struggle to stay above the $75,000 support.
Bitcoin failed to stay above $76,500 and extended losses. The price is trading below $76,200 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the $76,500 and $77,200 levels. Bitcoin Price Dips AgainThe price even dipped below $75,000. A low was formed at $74,940 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low.
The first key resistance is near the $77,200 level. There is also a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair.
A close above the $77,200 resistance might send the price further higher. In the stated case, the price could rise and test the $77,650 resistance. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $78,500.
Downside Extension In BTC?If Bitcoin fails to rise above the $77,200 resistance zone, it could start another decline. Immediate support is near the $75,500 level.
The first major support is near the $75,250 level. The next support is now near the $75,000 zone. Any more losses might send the price toward the $74,200 support in the near term. The main support now sits at $73,500, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $75,500, followed by $75,000.
Major Resistance Levels – $76,400 and $77,200.
