Bitcoin price has started a novel decline below the $77,500 zone. BTC is consolidating and may struggle to stay above the $76,000 support.

• Bitcoin failed to stay above $77,500 and deepened losses.
• The price is trading below $77,000 and the 100-hour elementary moving average.
• A bearish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with resistance at $76,850.
• The pair could extend losses if it stays below the $77,000 and $77,500 levels.

Bitcoin prices are falling again

Bitcoin price failed to stay above the support zone at $77,500. BTC remained in the bear zone and recorded losses below the $77,000 level. There was a move below the $76,500 level.

The price even dropped below $76,200. The lowest level was $76,020 and the price is currently consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level in a downward move from a high of $82,018 to a low of $76,020.

Bitcoin is currently trading below $77,000 and the 100-hour elementary moving average. If the price remains stable above $76,000, it may try to rise again. Immediate resistance is near the $77,000 level. A bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $76,850.

The first key resistance is near the $78,300 level. A close above the resistance at $78,300 could see the price rise further. In the given case, the price could move higher and test the resistance at $79,000 or the 50% Fib retracement level during a move down from the high of $82,018 to the low of $76,020. Any further gains could push the price towards the $80,000 level. The next barrier for bulls could be $81,200.

Greater BTC losses?

If Bitcoin does not rise above the $78,300 resistance zone, it could begin another decline. Immediate support is near the $76,200 level.

The first major support is near the $76,000 level. The next support is now near the $75,500 zone. Any further losses could push the price towards the $75,000 support in the near future. Major support currently stands at $74,200, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Main support levels – $76,000 and then $75,000.

Major resistance levels – $77,000 and $78,300.