Bitcoin price struggled to maintain its position above the $77,500 support zone. BTC continued to linger in a bearish territory, further extending its losses beneath the $77,000 mark. A drop occurred beneath the $76,500 mark. The price even dipped below $76,200. The market saw a low at $76,020, with the price currently consolidating its losses. The market is displaying bearish indicators as it trades below the 23.6% Fibonacci retracement level, following the downward movement from the $82,018 swing high to the $76,020 low.
Bitcoin has dipped below $77,000, falling under 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 $77,000 mark. A bearish trend line is also taking shape, presenting resistance at $76,850 on the hourly chart of the BTC/USD pair. The initial significant resistance is positioned around the $78,300 mark. A close above the $78,300 resistance could propel the price even higher. In the stated case, the price could rise and test the $79,000 resistance or the 50% Fib retracement level of the downward move from the $82,018 swing high to the $76,020 low. Further gains could propel the price to the $80,000 mark. The upcoming hurdle for the bulls may be set at $81,200.
If Bitcoin cannot break through the $78,300 resistance level, it may initiate another downward trend. Immediate support is positioned around the $76,200 mark. The initial significant support is located around the $76,000 mark. The upcoming support level is currently positioned around the $75,500 mark. Further losses could push the price down to the $75,000 support level in the short term. The primary support level currently stands at $74,200, and if BTC falls below this threshold, it could face challenges in making a recovery in the short term.