Bitcoin Price Extends Decline, Downside Pressure Builds Aggressively
TL;DR
Bitcoin price has declined below $78,500, struggling to maintain support at $76,500. A bearish trend is forming, indicating potential further losses.
Key points
- Bitcoin price declined below $78,500
- Current trading below $78,000 and 100 hourly moving average
- Bearish trend line forming with resistance at $77,700
Bitcoin price started a fresh decline below the $78,500 zone. BTC is consolidating and might struggle to stay above the $76,500 support.
- Bitcoin failed to stay above $78,500 and extended losses.
- The price is trading below $78,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend losses if it stays below the $77,700 and $78,500 levels.
Bitcoin Price Dips Further
Bitcoin price failed to stay above the $78,500 support zone. BTC remained in a bearish zone and extended losses below the $78,000 level. There was a move below the $77,500 level.
The price even dipped below $77,000. A low was formed at $76,561 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 $82,017 swing high to the $76,561 low.
Bitcoin is now trading below $77,500 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 $77,500 level. There is also a bearish trend line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first key resistance is near the $78,650 level. A close above the $78,650 resistance might send the price further higher. In the stated case, the price could rise and test the $80,000 resistance or the 50% Fib retracement level of the downward move from the $82,017 swing high to the $76,561 low. Any more gains might send the price toward the $80,800 level. The next barrier for the bulls could be $82,000.
Downside Extension In BTC?
Q&A
What is the current Bitcoin price trend?
Bitcoin is currently in a bearish trend, having declined below $78,500 and struggling to hold above $76,500.
What support levels is Bitcoin facing right now?
Bitcoin is facing support at $76,500, with significant resistance at $77,700 and $78,500.
What are the implications of Bitcoin falling below $76,500?
If Bitcoin falls below $76,500, it may extend its losses further, indicating a stronger bearish market sentiment.
