Bitcoin price started a fresh decline below the $78,000 zone. BTC is now consolidating losses and might face resistance near the $77,800 zone.
- Bitcoin started a fresh decline below the $78,000 zone.
- The price is trading below $78,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $79,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $78,500 zone.
Bitcoin Price Dips Again
Bitcoin price has recently entered a fresh decline, slipping below significant levels of $80,000 and $79,500. This bearish trend is characterized by a price drop that has seen BTC trade below both the $78,500 and $77,000 thresholds, indicating a shift into a bearish zone.
At one point, the price even fell below the critical $75,000 support zone, establishing a low at $74,475 before initiating a recovery wave. This brief recovery fueled upward movement above $75,500, which also signaled a climb above the 23.6% Fibonacci retracement level of the recent decline from the swing high of $80,800 to the low point of $74,475.
Currently, Bitcoin price is observed trading beneath $78,200 and below the 100-hourly Simple Moving Average. Important resistance levels are noted around $77,800, aligning with the 50% Fibonacci retracement level from the aforementioned decline.
The immediate key resistance sits at the $78,500 range, with the potential for further resistance at $79,500, where a connecting bearish trend line is forming on the hourly chart of the BTC/USD pair.
Should Bitcoin manage to close above the $79,500 resistance, there is potential for an ascent towards the $81,500 level. Additional gains could propel the price towards the $82,000 mark.
Another Decline In BTC?
However, if Bitcoin cannot rise above the $78,500 resistance area, it risks igniting another decline. The immediate downside support is observed near the $75,750 level, while the first primary support lies around $74,750.
Additional support levels have emerged near the $73,500 zone, and further losses may see the price approach the critical $72,000 support in the near term. The major support level is established around $70,000.
Technical indicators tell a telling story as well:
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – Currently, the RSI for BTC/USD remains below the 50 level.
Major Support Levels – At this juncture, significant support levels are at $75,750, followed by $74,750.
Major Resistance Levels – Resistance remains steadfast around $78,500 and $79,500.
