Bitcoin price struggled to maintain its position above the $77,200 support zone. BTC continued to linger in a bearish territory, further extending its losses beneath the $76,800 threshold. A decline was observed beneath the $76,500 mark. The price has even fallen below $76,200. A low was established at $76,020, with the price currently consolidating its losses. The asset continues to face challenges as it remains beneath the 23.6% Fibonacci retracement level, stemming from the decline between the $82,018 swing high and the $76,020 low.
Bitcoin is currently trading under $76,800 and below the 100 hourly simple moving average. If the price holds steady above $76,000, it may look to initiate a new upward movement. Immediate resistance is positioned around the $77,200 mark. A bearish trend line is taking shape, presenting resistance at $77,200 on the hourly chart of the BTC/USD pair. The initial significant resistance stands around the $77,450 mark. A close above the $77,450 resistance could propel the price even higher. In the given scenario, the price may increase and approach the $79,000 resistance or the 50% Fibonacci retracement level of the decline from the $82,018 swing high to the $76,020 low.
Further gains could propel the price towards the $80,000 mark. The next resistance level for the bulls may be $82,000. If Bitcoin is unable to break through the $77,450 resistance zone, we may witness the onset of another downturn. Immediate support is positioned around the $76,400 mark. The initial significant support is located around the $76,000 mark. 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 $74,000, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.