The Bitcoin price extended its decline below $75,000. BTC is now trying to recover from USD 72,850 but faces many hurdles near USD 76,500.
- Bitcoin is trying to recover above $74,000 and $75,000.
- The price is trading below $79,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $75,000 and $74,000 levels.
Bitcoin price faces hurdles
Bitcoin price did not hold steady above the $76,000 zone. BTC extended its decline below the USD 75,000 and USD 74,000 levels. The bears managed to push the price below $73,500.
A low was formed at $72,865, and the price is now trying to recover. There was a move above $75,000. The price surpassed the 50% Fib retracement level of the downward move from the $79,120 swing high to the $72,865 low.
However, the bears are active near $77,000 and the 61.8% Fib retracement level of the downward move from the $79,120 swing high to the $72,865 low. Bitcoin is now trading below $77,000 and the 100 hourly moving average.
If the price remains stable above $75,000, another increase can be attempted. The immediate resistance is near the $76,750 level. The first major resistance is around the $77,000 level. A bearish trendline is also forming with resistance at $77,200 on the hourly chart of the BTC/USD pair.
A close above the USD 77,200 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 78,500 resistance. Any further gains could send the price towards the $79,000 level. The next barrier for the bulls could be $80,000 and $80,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 77,200 resistance zone, it could trigger another decline. Immediate support is approaching the $75,000 level. The first major support is near the $74,000 level.
The next support is now near the $72,850 zone. Any further losses could send the price towards the USD 71,500 support in the short term. The key support is at $70,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 75,000, followed by USD 74,000.
Major resistance levels – $76,750 and $77,200.