Bitcoin Price Recovery Appears Weak, Downtrend Could Restart

Bitcoin Price Update

Bitcoin’s price dipped further, dropping below $75,000. Currently, BTC is trying to bounce back from a low of $72,850, but it encounters obstacles near the $76,500 mark.

Bitcoin aims to climb back above $74,000 and $75,000.

The price remains below $79,000 and the 100-hour simple moving average.

On the hourly chart for the BTC/USD pair, a bearish trendline appears at $77,200.

The pair could see a drop if it falls below the $75,000 and $74,000 support levels.

Bitcoin is struggling; it couldn’t maintain stability above the $76,000 range. The decline moved the price below $75,000 and even further below $74,000, with bears pushing it down past $73,500.

A low of $72,865 was recorded, and now, there’s an attempt to recover from that point. Price movement exceeded $75,000, breaking above the 50% Fibonacci retracement of the drop from the swing high of $79,120 to the low of $72,865.

However, bears are still active near $77,000, which is also the 61.8% Fibonacci retracement level of the same decline. Bitcoin remains under $77,000 and the 100-hour simple moving average.

Should the price stabilize above $75,000, a new rally might be possible. Immediate resistance is found around $76,750, while a key resistance level looms at $77,000. A bearish trend line is also present at $77,200 on the hourly chart of the BTC/USD pair.

If Bitcoin manages to close above the $77,200 resistance, it could rise further. In such a scenario, the next target could be the $78,500 resistance, with potential for gains to approach the $79,000 mark. The bulls might face additional resistance at $80,000 and $80,500.

Could BTC Decline Again?

If Bitcoin doesn’t break above the $77,200 resistance, a further decline might ensue. Immediate support is at the $75,000 level, while primary support stands at around $74,000.

Another support axis lies at approximately $72,850. Continuing losses could lead the price down to the $71,500 range. A crucial support point is at $70,000; falling below this level could make recovery difficult in the short term.

Technical Indicators:

Hourly MACD – Currently showing bearish movement.

Hourly RSI (Relative Strength Index) – BTC/USD’s RSI sits below the 50 mark.

Major Support Levels: $75,000, then $74,000.

Key Resistance Levels: $76,750 and $77,200.