Bitcoin Price Turns Lower After Rejection, Downside Pressure Builds

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a fresh decline from the $79,500 zone. BTC is consolidating and might struggle to stay above the $76,500 support. - Bitcoin failed to stay above $78,500 and corrected gains. - The price is trading below $78,000 and the 100 hourly simple moving average. - There is a connecting bearish trend line forming with resistance at $77,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). - The pair might extend losses if it stays below the $77,600 and $78,000 levels. Bitcoin Price Dips Again Bitcoin price failed to stay above the $78,500 resistance zone. BTC formed a top near $79,500 and started a fresh decline. There was a move below the $78,000 level. The price dipped below the $77,500 and $77,000 levels. A low was formed at $76,480 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 $79,481 swing high to the $76,480 low. Bitcoin is now trading below $78,000 and the 100 hourly simple moving average. If the price remains stable above $76,500, it could attempt a fresh increase. Immediate resistance is near the $77,300 level. The first key resistance is near the $77,600 level. There is also a connecting bearish trend line forming with resistance at $77,600 on the hourly chart of the BTC/USD pair. A close above the $77,600 resistance might send the price further higher. In the stated case, the price could rise and test the $78,000 resistance and the 50% Fib retracement level of the downward move from the $79,481 swing high to the $76,480 low. Any more gains might send the price toward the $78,500 level. The next barrier for the bulls could be $78,800. Downside Continuation In BTC? If Bitcoin fails to rise above the $77,600 resistance zone, it could start another decline. Immediate support is near the $76,750 level. The first major support is near the $76,500 level. The next support is now near the $75,500 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 – $76,500, followed by $75,500. Major Resistance Levels – $77,600 and $78,000.

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