Bitcoin price has started a new decline below the $73,800 zone. $BTC The market is trending steadily, and if it falls below $72,500, the decline may continue.
- Bitcoin failed to break above $74,200 and losses widened.
- The price is trading below the 100 hourly simple moving average at $73,800.
- On the hourly chart, the price broke below the ascending channel with support at $73,550. $BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it breaks below the $74,200 and $74,500 levels.
Bitcoin price turns red
Bitcoin price failed to break above the $75,000 support zone. $BTC It remained in the bearish zone and extended its losses below $74,500. There was a move below the $74,000 level.
The price has also dropped below $73,000. The low was formed at $72,470 and the price recently attempted a recovery wave. There was a small move above the 23.6% Fib retracement level of the decline from the swing high of $77,810 to the low of $72,470.
However, it faced resistance near the $74,000 level. It recently broke below the ascending channel supporting $73,550 on the hourly chart. $BTC/USD pair. Bitcoin is currently trading below $73,800 and its 100-hour simple moving average.
If the price remains stable above $72,000, it could attempt a new rally. Immediate resistance is near the $73,850 level. The first major resistance level is near the $74,000 level. If the price closes above the $74,000 resistance, the price could move higher. In the above case, the price may rise and test the $74,500 resistance level.
Further upside could push the price towards the $75,150 level, or the 50% Fib retracement level of the decline from the swing high of $77,810 to the low of $72,470. The next barrier for the bulls could be $75,500.
Lower price continues in $BTC?
If Bitcoin fails to rise above the $74,200 resistance zone, further decline could begin. Immediate support is near the $73,000 level.
The first major support is near the $72,500 level. The next support is currently located near the $72,000 zone. Any further losses could send the price towards the $71,500 support in the near term. The current major support is $70,850, 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 level – $72,500, followed by $72,000.
Key resistance levels – $74,000 and $74,500.
