Bitcoin’s price has started to decline again from $78,400. BTC consolidates and could struggle to hold above the $73,500 resistance.
- Bitcoin’s price failed to remain above $76,500, and gains were corrected.
- The price has fallen below the 75,500 dollar mark and the 100-hour moving average.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with a resistance level of $75,600. (Data feed by Kraken).
- If the pair stays below $75,500 or $76,000 it could extend its losses.
Bitcoin price drops again
Bitcoin’s price has failed to remain above $77,500. BTC started to fall after forming a peak near $78,350. fresh decline. The level of $76,500 was dropped.
The price dropped beneath the $75,000 and $75,000. The price has now reached a low of $73,637, and is consolidating its losses under the 23,6% Fib level retracement. This downward movement from the swing high at $78,343 to the low of $73,637 was accompanied by a decline in the market.
Bitcoin has fallen below the $76,000 mark. 100 hourly simple moving average. It could try to increase again if the price stays above $73,500. Near the $74,750 mark, there is immediate resistance.
First, the resistance level is $75,000. A bearish line is also developing with resistance near $75,600 in the hourly BTC/USD charts. If the resistance level of $75,500 is breached by the BTC/USD pair on the hourly chart, the price could rise further.
Price could test $76,000 and 50% Fib of the decline from $78,343 swing low to $73,637. Any further gains could send the price towards the $77200 level. Next up for bulls is $78,000.
Downside Continuation In BTC?
Bitcoin could begin a new decline if it fails to break above $75,500. Support is close to $74,000.
Near the level of $73,500, we have our first significant support. Now, the next major support zone is near $72,500. In the short term, any further losses could send the price towards the support of $71,200. BTC may struggle to recover if it falls below $70,000.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $74,000, followed by $73,500.
Major Resistance Levels – $75,500 and $76,000.
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Source: www.newsbtc.com
