Bitcoin Price Gives Back Gains, But Structure Remains Bullish

TL;DR

Bitcoin price has declined from the $78,400 zone and is currently consolidating below the $75,500 level. The cryptocurrency may struggle to maintain support above $73,500.

Key points

Bitcoin price started a fresh decline from the $78,400 zone
BTC is consolidating and might struggle to stay above the $73,500 support
The price is trading below $75,500 and the 100 hourly simple moving average

Bitcoin price started a fresh decline from the $78,400 zone. BTC is consolidating and might struggle to stay above the $73,500 support.

Bitcoin failed to stay above $76,500 and corrected gains.
The price is trading below $75,500 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $75,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $75,500 and $76,000 levels.

Bitcoin Price Dips Again

Bitcoin price failed to stay above the $77,500 resistance zone. BTC formed a top near $78,350 and started a fresh decline. There was a move below the $76,500 level.

The price dipped below the $75,500 and $75,000 levels. A low was formed at $73,637 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $78,343 swing high to the $73,637 low.

Bitcoin is now trading below $76,000 and the 100 hourly simple moving average. If the price remains stable above $73,500, it could attempt a fresh increase. Immediate resistance is near the $74,750 level.

The first key resistance is near the $75,500 level. There is also a connecting bearish trend line forming with resistance at $75,600 on the hourly chart of the BTC/USD pair. A close above the $75,500 resistance might send the price further higher.

Source: BTCUSD on TradingView.com

In the stated case, the price could rise and test the $76,000 resistance and the 50% Fib retracement level of the downward move from the $78,343 swing high to the $73,637 low. Any more gains might send the price toward the $77,200 level. The next barrier for the bulls could be $78,000.