Bitcoin price has struggled to maintain its position above the $75,000 support zone. BTC continued to linger in a bearish territory, further extending its losses beneath the $74,500 mark. There was a dip beneath the $74,000 mark. The price even dipped below $73,000. A low was established at $72,470, and the price has recently made an attempt at a recovery wave. There was a slight upward movement beyond the 23.6% Fibonacci retracement level of the decline from the $77,810 swing high to the $72,470 low. However, it encountered resistance around the $74,000 mark. Recently, the BTC/USD pair experienced a break below a rising channel, with support identified at $73,550 on the hourly chart.
Bitcoin is currently trading under $73,800, falling below the 100 hourly simple moving average. If the price maintains stability above $72,000, it may seek to initiate a new upward movement. Immediate resistance is positioned around the $73,850 mark. The first key resistance is positioned around the $74,000 mark. A close above the $74,000 resistance could propel the price even higher. In the given scenario, the price has the potential to increase and challenge the $74,500 resistance level. Any further gains could propel the price towards the $75,150 mark or the 50% Fibonacci retracement level of the decline from the $77,810 swing high to the $72,470 low.
The next hurdle for the bulls appears to be set at $75,500. If Bitcoin fails to rise above the $74,200 resistance zone, it could start another decline. Immediate support is positioned around the $73,000 mark. The first major support is positioned around the $72,500 level. The next support is now positioned around the $72,000 zone. Further losses could push the price down to the $71,500 support level in the short term. The primary support level currently stands at $70,850, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.