Bitcoin price extended its decline below $78,000. BTC is now trying to recover from USD 74,500 but faces many hurdles near USD 80,000.
- Bitcoin is trying to recover above $77,000 and $78,000.
- The price is trading below $80,000 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $78,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $77,000 and $76,000 levels.
Bitcoin price faces resistance
Bitcoin price failed to hold steady above the $82,000 zone. BTC extended its decline below the USD 80,000 and USD 79,500 levels. The bears managed to push the price below $78,000.
It spared major bearish moves and pushed the price below $76,000. A low was formed at $74,543, and the price is now trying to recover. There was a move above $78,000. The price surpassed the 23.6% Fib retracement level of the downward move from the $90,440 swing high to the $74,543 low.
Moreover, there was a break above a bearish trendline with resistance at $78,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $80,000 and the 100 hourly moving average.
If the price remains stable above $77,000, another move up can be attempted. The immediate resistance is near the $79,200 level. The first major resistance is around the $80,000 level. A close above the USD 80,000 resistance could send the price rising further. In the said case, the price could rise and test the $82,500 resistance or the 50% Fib retracement level of the downward move from the $90,440 swing high to the $74,543 low. Any further gains could send the price towards the $84,000 level. The next barrier for the bulls could be $85,000 and $85,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 79,200 resistance zone, it could trigger another decline. Immediate support is near the $78,000 level. The first major support is near the $77,000 level.
The next support is now near the $76,000 zone. Any further losses could send the price towards the USD 74,500 support in the short term. The key support is at $72,000, 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 above the 50 level.
Major support levels – USD 77,000, followed by USD 76,000.
Major resistance levels – $79,200 and $80,000.