Bitcoin price started a new decline below the $74,000 zone. BTC is consolidating and could struggle to stay above the USD 72,000 support.
- Bitcoin failed to stay above $75,000 and extended losses.
- The price is trading below $74,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $73,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the $74,000 and $75,000 levels.
Bitcoin Price Extends Losses
Bitcoin price failed to stay above the USD 75,500 support zone. BTC remained in a bearish zone and extended losses below the USD 75,000 level. There was a move below the USD 74,200 level.
The price even dropped below $73,000. A low was formed at $72,470 and the price is now consolidating losses. It is still struggling below the 23.6% Fib retracement level of the downward move from the $77,810 swing high to the $72,470 low.
Bitcoin is now trading below $74,000 and the 100 hourly moving average. If the price remains stable above $72,000, another move up can be attempted. The immediate resistance is near the $73,800 level. A bearish trendline is also forming with resistance at $73,750 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $74,500 level. A close above the USD 74,500 resistance could send the price rising further. In the said case, the price could rise and test the $75,150 resistance or the 50% Fib retracement level of the downward move from the $77,810 swing high to the $72,470 low. Any further gains could send the price towards the USD 75,500 level. The next threshold for the bulls could be $76,200.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 74,500 resistance zone, it could trigger another decline. Immediate support is near the $72,500 level.
The first major support is near the $72,000 level. The next support is now near the $71,200 zone. Any further losses could send the price towards the USD 70,500 support in the short term. The key support is now 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 72,500, followed by USD 72,000.
Major resistance levels – $73,750 and $74,500.