Bitcoin price has started a new decline below the $78,500 zone. $BTC The price is stabilizing and it may be difficult to break above the $75,500 support.
- Bitcoin failed to break above $77,500 and corrected its gains.
- The price is trading below the 100 hourly simple moving average at $77,000.
- On the hourly chart, a bearish trend line has formed connecting with the $76,500 resistance. $BTC/USD pair (data feed from Kraken).
- Losses can widen if this pair breaks below the $76,000 and $75,500 levels.
Bitcoin price falls further
Bitcoin price failed to break above the $77,500 support zone. $BTC It remained in the bearish zone and extended its losses below the $77,000 level. There was a move below the $76,500 level.
The price has also dropped below $76,000. A low was formed at $75,652 and the price is currently consolidating losses. There was a slight rally towards the 23.6% Fib retracement level of the decline from the swing high of $79,480 to the low of $75,652.
Bitcoin is currently trading below $77,000 and its 100-hour simple moving average. If the price remains stable above $75,500, it could attempt a new rally. Immediate resistance is near the $76,500 level. Also, on the hourly chart, a bearish trend line has formed that connects with the $76,500 resistance level. $BTC/USD pair.
The first major resistance level is near the $77,150 level. If the price closes above the $77,150 resistance, the price could move higher. In the above case, the price may rise and test the 50% Fib retracement level of the $77,500 resistance and decline from the swing high of $79,480 to the low of $75,652. Any further rise could push the price closer to the $78,000 level. The next barrier for the bulls could be $78,500.
Lower price continues in $BTC?
If Bitcoin fails to rise above the $77,000 resistance zone, a further decline could begin. Immediate support is near the $76,000 level.
The first major support is near the $75,800 level. The next support is currently near the $75,500 zone. Any further losses could send the price towards the $74,200 support in the near term. The current major support is $73,500, but it is below that. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support levels – $75,500, followed by $75,000.
Key resistance levels – $76,500 and $77,150.
