Bitcoin price started a new decline below the $76,800 zone. BTC is consolidating and could struggle to stay above the USD 76,000 support.
- Bitcoin failed to stay above $77,000 and extended losses.
- The price is trading below $77,200 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 extend losses if it stays below the USD 77,200 and USD 77,500 levels.
Bitcoin price consolidates losses
Bitcoin price failed to stay above the USD 77,200 support zone. BTC remained in a bearish zone and extended losses below the USD 76,800 level. There was a move below the USD 76,500 level.
The price even fell below $76,200. A low was formed at $76,020 and the price is now consolidating losses. It is still struggling below the 23.6% Fib retracement level of the downward move from the $82,018 swing high to the $76,020 low.
Bitcoin is now trading below $76,800 and the 100 hourly moving average. If the price remains stable above $76,000, another move up can be attempted. The immediate resistance is near the $77,200 level. A bearish trendline is also forming with resistance at $77,200 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $77,450 level. A close above the resistance at $77,450 could send the price higher. In the said case, the price could rise and test the $79,000 resistance or the 50% Fib retracement level of the downward move from the $82,018 swing high to the $76,020 low. Any further gains could send the price towards the $80,000 level. The next barrier for the bulls could be $82,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 77,450 resistance zone, it could trigger another decline. Immediate support is near the $76,400 level.
The first major support is near the $76,000 level. The next support is now near the $75,000 zone. Any further losses could send the price towards the USD 74,200 support in the near term. The key support now lies at $74,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 76,000, followed by USD 75,000.
Major resistance levels – $77,200 and $77,450.