Bitcoin price has started a new decline below the $76,800 zone. $BTC The price is stabilizing and it may be difficult to break above the $76,000 support.
- Bitcoin failed to break above $77,000 and losses widened.
- The price is trading below the 100 hourly simple moving average at $77,200.
- On the hourly chart of , there is a bearish trend line forming resistance at $77,200. $BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it breaks below the $77,200 and $77,500 levels.
Losses widen in Bitcoin price
Bitcoin price failed to break above the $77,200 support zone. $BTC It remained in the bearish zone and extended its losses below $76,800. There was a move below the $76,500 level.
At times the price was below $76,200. A low was formed at $76,020 and the price is currently consolidating losses. It is still struggling below the 23.6% Fib retracement level of the decline from the swing high of $82,018 to the low of $76,020.
Bitcoin is currently trading below $76,800 and its 100-hour simple moving average. If the price remains stable above $76,000, it could attempt another rally. Immediate resistance is near the $77,200 level. There is also a bearish trend line forming resistance at $77,200 on the hourly chart. $BTC/USD pair.
The first major resistance level is near the $77,450 level. If the price closes above the $77,450 resistance, the price could move higher. In the above case, the price could rise and test the $79,000 resistance or the 50% Fib retracement level of the decline from the swing high of $82,018 to the low of $76,020. Any further increase could push the price closer to the $80,000 level. The next barrier for the bulls could be $82,000.
further decline $BTC?
If Bitcoin fails to rise above the $77,450 resistance zone, further decline could begin. Immediate support is near the $76,400 level.
The first major support is near the $76,000 level. The next support is currently near the $75,000 zone. Any further losses could send the price towards the $74,200 support in the near term. The current major support is $74,000, but it is below that. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support levels – $76,000, followed by $75,000.
Key resistance levels – $77,200 and $77,450.
