Bitcoin’s price has taken another nosedive, falling beneath the $78,000 mark. At present, BTC is consolidating its losses and could potentially encounter resistance close to the $77,800 zone.
The cryptocurrency initiated a new decline under the $78,000 zone. It is now trading below $78,500, and it’s also beneath the 100 hourly Simple moving average. A downward trend line is forming with resistance at $79,500 on the BTC/USD pair’s hourly chart (data sourced from Kraken).
Assuming it successfully crosses the $78,500 zone, Bitcoin could see a subsequent increase. The cryptocurrency recently suffered a decline below the $80,000 and $79,500 levels, dropping even below the $78,500 and $77,000 levels, entering a bearish zone.
Bitcoin’s price even breached the $75,000 support. A recovery wave began after hitting a low of $74,475. The price ascended past the $75,500 level and also cleared the 23.6% Fibonacci retracement level of the recent drop from the $80,800 peak to the $74,475 low.
Currently, Bitcoin is trading below $78,200, and the 100 hourly Simple moving average. The immediate resistance on the upside is around the $77,800 mark or the 50% Fibonacci retracement level of the recent drop from the $80,800 high to the $74,475 low.
The primary resistance is around the $78,500 level, with the next key resistance potentially at $79,500. A close above the $79,500 resistance could propel the price even higher, possibly to the $81,500 resistance level. Further gains might push the price towards the $82,000 mark.
If Bitcoin does not surpass the $78,500 resistance zone, a new decline could be on the horizon. Immediate support on the downside is near the $75,750 level, with major support at the $74,750 level.
Support is also forming around the $73,500 zone. Any further losses could push the price towards the $72,000 support in the near future, with the main support at $70,000.
Technical indicators suggest the MACD is gaining momentum in the bearish zone, with the RSI for BTC/USD now below the 50 level. The major support levels are $75,750 and $74,750, while the major resistance levels are $78,500 and $79,500.
