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Bitcoin Price Weakness Grows, Traders Brace For Further Downside
TL;DR
Bitcoin price has declined below $76,500, struggling to maintain support at $75,000. Traders are anticipating further losses as the bearish trend continues.
Key points
- Bitcoin price fell below $76,500
- Current trading below $76,200
- Support level at $75,000
- Bearish trend line resistance at $77,200
- Recent low formed at $74,940
Bitcoin price started a fresh decline below the $76,500 zone. BTC is consolidating and might struggle to stay above the $75,000 support.
- Bitcoin failed to stay above $76,500 and extended losses.
- The price is trading below $76,200 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 $76,500 and $77,200 levels.
Bitcoin Price Dips Again
Bitcoin price failed to stay above the $76,500 support zone. BTC remained in a bearish zone and extended losses below the $76,000 level. There was a move below the $75,500 level.
The price even dipped below $75,000. A low was formed at $74,940 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 $77,888 swing high to the $74,940 low.
Bitcoin is now trading below $76,500 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $76,400 level or the 50% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low.
The first key 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
A close above the $77,200 resistance might send the price further higher. In the stated case, the price could rise and test the $77,650 resistance. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $78,500.
Downside Extension In BTC?
Q&A
What is the current price trend of Bitcoin?
Bitcoin is currently in a bearish trend, having fallen below $76,500 and struggling to stay above $75,000.
What support levels should Bitcoin traders watch?
Traders should monitor the $75,000 support level, as Bitcoin may extend losses if it remains below $76,500 and $77,200.
What was the lowest price Bitcoin reached recently?
Bitcoin recently dipped to a low of $74,940 during its decline.
