Bitcoin price struggled to maintain its position above the $76,500 support zone. BTC continued to linger in a bearish territory, further extending its losses beneath the $76,000 mark. A decline occurred beneath the $75,500 threshold. The price even dipped below $75,000. The price hit a low of $74,940 and is currently consolidating its losses. A slight uptick was observed above the 23.6% Fibonacci retracement level following the decline from the $77,888 swing high to the $74,940 low.
Bitcoin is currently trading under $76,500 and has fallen below the 100 hourly simple moving average. If the price holds steady above $75,000, it may look to initiate a new upward movement. Immediate resistance is positioned around the $76,400 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $77,888 swing high down to the $74,940 low. The initial significant resistance stands around the $77,200 mark. A bearish trend line is emerging, presenting resistance at $77,200 on the hourly chart of the BTC/USD pair.
A close above the $77,200 resistance could propel the price even higher. In the given scenario, the price may increase and challenge the $77,650 resistance level. Further gains could propel the price towards the $78,000 mark. The next significant level for the bulls appears to be $78,500. Should Bitcoin struggle to break through the $77,200 resistance zone, we may witness the onset of another downturn. Immediate support hovers around the $75,500 mark.
The initial significant support level is around $75,250. The upcoming support level is currently positioned around the $75,000 mark. Further losses could push the price down to the $74,200 support level in the short term. The primary support level currently stands at $73,500, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.