Bitcoin Price Weakness Grows, Traders Brace For Further Downside

Bitcoin price started a fresh decline below the $76,500 zone. BTC is consolidating and might struggle to stay above the $75,000 support.

Bitcoin failed to stay above $76,500 and extended losses.
The price is trading below $76,200 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $76,500 and $77,200 levels.

Bitcoin Price Dips Again

Bitcoin price failed to stay above the $76,500 support zone. BTC remained in a bearish zone and extended losses below the $76,000 level. There was a move below the $75,500 level.

The price even dipped below $75,000. A low was formed at $74,940 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low.

Bitcoin is now trading below $76,500 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $76,400 level or the 50% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low.

The first key resistance is near the $77,200 level. There is also a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair.

A close above the $77,200 resistance might send the price further higher. In the stated case, the price could rise and test the $77,650 resistance. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $78,500.

Downside Extension In BTC?

If Bitcoin fails to rise above the $77,200 resistance zone, it could start another decline. Immediate support is near the $75,500 level.

The first major support is near the $75,250 level. The next support is now near the $75,000 zone. Any more losses might send the price toward the $74,200 support in the near term. The main support now sits at $73,500, below which BTC might struggle to recover in the near term.

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 – $75,500, followed by $75,000.

Major Resistance Levels – $76,400 and $77,200.

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