Bitcoin Price Stabilizes Above $76K, Traders Await Next Major Move

TL;DR

Bitcoin price is stabilizing above $76,000 after failing to maintain levels above $77,000. Traders are closely monitoring for potential further declines as BTC struggles to regain momentum.

Key points

Bitcoin price is below $77,200 and $76,800 support levels
A bearish trend line is forming with resistance at $77,200
Bitcoin dipped to a low of $76,020 during recent trading

Bitcoin price started a fresh decline below the $76,800 zone. BTC is consolidating and might struggle to stay above the $76,000 support.

Bitcoin failed to stay above $77,000 and extended losses.
The price is trading below $77,200 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $77,200 and $77,500 levels.

Bitcoin Price Consolidates Losses

Bitcoin price failed to stay above the $77,200 support zone. BTC remained in a bearish zone and extended losses below the $76,800 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 still struggling 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 $76,800 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 $77,200 level. There is also a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first key resistance is near the $77,450 level. A close above the $77,450 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 $82,000.