Bitcoin price started a new decline below the $75,500 zone. BTC is consolidating and could struggle to stay above the USD 74,000 support.
- Bitcoin failed to stay above $76,000 and extended losses.
- The price is trading below $75,500 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $74,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the USD 75,000 and USD 75,500 levels.
Bitcoin price continues to fall
Bitcoin price failed to stay above the USD 76,200 support zone. BTC remained in a bearish zone and extended losses below the USD 75,800 level. There was a move below the USD 75,500 level.
The price even dropped below $75,000. A low was formed at $74,050 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 $74,050 low.
Bitcoin is now trading below $75,000 and the 100 hourly moving average. If the price remains stable above $74,000, another move up can be attempted. The immediate resistance is near the $74,800 level. A bearish trendline is also forming with resistance at $74,850 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $75,500 level. A close above the USD 75,500 resistance could send the price rising further. In the said case, the price could rise and test the $75,950 resistance or the 50% Fib retracement level of the downward move from the $77,810 swing high to the $74,050 low. Any further gains could send the price towards the USD 76,400 level. The next threshold for the bulls could be $77,800.
Lose more in BTC?
If Bitcoin fails to rise above the USD 75,950 resistance zone, it could trigger another decline. Immediate support is near the $74,000 level.
The first major support is near the $73,500 level. The next support is now near the $73,200 zone. Any further losses could send the price towards the USD 72,000 support in the near 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 74,000, followed by USD 73,500.
Major resistance levels – $74,850 and $75,950.