Bitcoin price extended its decline below $73,500. BTC is now consolidating losses but faces many hurdles near $75,500.
- Bitcoin is trying to recover, but is struggling to overcome obstacles.
- The price is trading below $75,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $72,000 and $71,200 levels.
Bitcoin price continues to fall
Bitcoin price did not hold steady above the $75,000 zone. BTC extended its decline below the USD 74,000 and USD 73,500 levels. The bears managed to push the price below $72,500.
A low was formed at $71,532, and the price is now consolidating losses. Current price action is negative below the 23.6% Fib retracement level of the recent downward move from the $76,866 swing high to the $71,532 low. A bearish trendline is also forming with resistance at $75,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $75,000 and the 100 hourly moving average. If the price remains stable above $72,000, another move up can be attempted. Immediate resistance is near the $72,850 level. The first major resistance is near the $74,200 level.
A close above the USD 74,200 resistance could send the price rising further. In the said case, the price could rise and test the $75,000 resistance or the 61.8% Fib retracement level of the recent downward move from the $76,866 swing high to the $71,532 low.
Any further gains could send the price towards the $75,500 level and the trendline. The next barrier for the bulls could be $76,850 and $78,000.
Another drop in BTC?
If Bitcoin fails to rise above the $75,000 resistance zone, it could trigger another decline. Immediate support is near the $72,000 level. The first major support is near the $71,200 level.
The next support is now near the $70,500 zone. Any further losses could send the price towards the $70,000 support in the short term. The main support is now at $68,000, below which BTC may struggle to recover in the short 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 72,000, followed by USD 71,200.
Major resistance levels – $72,850 and $74,200.