Bitcoin price started a downward correction from the $77,800 zone. BTC is showing bearish signs and may continue to fall below $75,500.

• Bitcoin failed to stay above $77,000 and deepened losses.
• The price is trading below $76,800 and the 100-hour uncomplicated moving average.
• There was a break below the descending channel with support at $76,250 on the hourly chart of the BTC/USD pair (feeding data from Kraken).
• The pair could extend losses if it stays below the $76,200 and $76,500 levels.

Bitcoin prices continue to fall

Bitcoin price did not break the resistance zone at $77,500. BTC began a downward correction and fell below the key support at $76,500 to enter the bear zone.

There has been a move below the 50% Fib retracement level, which is an upward movement from the low of $74,210 to the high of $77,810. Additionally, there was a break below the descending channel with support at $76,250 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading below $76,500 and the 100-hour uncomplicated moving average. If the price remains stable above $75,500, it may attempt to rise again. Immediate resistance is near the $76,000 level. The first key resistance is near the $76,250 level.

A close above the resistance at $76,250 could see the price rise further. In the given case, the price could move higher and test the resistance at $77,000. The next resistance could be near the $77,200 level. Any further gains could push the price towards the $78,000 level. The main obstacle for the bulls may be the amount of $79,500.

Disadvantages of extension in BTC?

If Bitcoin does not rise above the $76,500 resistance zone, it could begin another decline. Immediate support is located near the $75,550 level or the 61.8% Fib retracement level for an upward move from the low of $74,210 to the high of $77,810.

The first major support is near the $75,000 level. The next support is now near the $74,200 zone. Any further losses could push the price towards the $74,000 support in the near future. Major support currently stands at $73,500, below which BTC may have difficulty recovering in the near term.

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 – $74,200, then $73,500.

Major resistance levels – $76,500 and $77,000.