Bitcoin Price Weakness Persists, Traders Brace For Possible $75K Test

Bitcoin price started a fresh decline below the $77,500 zone. BTC is consolidating and might struggle to stay above the $76,000 support.

Bitcoin failed to stay above $77,500 and extended losses.
The price is trading below $77,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $76,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $77,000 and $77,500 levels.

Bitcoin Price Dips Again

Bitcoin price failed to stay above the $77,500 support zone. BTC remained in a bearish zone and extended losses below the $77,000 level. There was a move below the $76,500 level.

The price even dipped below $76,200. A low was formed at $76,020 and the price is now consolidating losses. It is showing bearish signs 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 $77,000 and the 100 hourly simple moving average. If the price remains stable above $76,000, it could attempt a fresh increase. Immediate resistance is near the $77,000 level. There is also a bearish trend line forming with resistance at $76,850 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $78,300 level. A close above the $78,300 resistance might send the price further higher. In the stated 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 more gains might send the price toward the $80,000 level. The next barrier for the bulls could be $81,200.

More Losses In BTC?

If Bitcoin fails to rise above the $78,300 resistance zone, it could start another decline. Immediate support is near the $76,200 level.

The first major support is near the $76,000 level. The next support is now near the $75,500 zone. Any more losses might send the price toward the $75,000 support in the near term. The main support now sits at $74,200, 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 – $76,000, followed by $75,000.

Major Resistance Levels – $77,000 and $78,300.

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