Bitcoin Price Extends Decline Rapidly As Key Supports Collapse

Bitcoin price started a fresh decline below the $75,500 zone. BTC is consolidating and might struggle to stay above the $74,000 support.

• Bitcoin failed to stay above $76,000 and extended losses.
• The price is trading below $75,500 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance at $74,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $75,000 and $75,500 levels.

Bitcoin price failed to stay above the $76,200 support zone. BTC remained in a bearish zone and extended losses below the $75,800 level. There was a move below the $75,500 level.

The price even dipped below $75,000. A low was formed at $74,050 and the price is now consolidating losses. It is still struggling below the 23.6% Fib retracement level of the downward move from the $77,810 swing high to the $74,050 low.

Bitcoin is now trading below $75,000 and the 100 hourly simple moving average. If the price remains stable above $74,000, it could attempt a fresh increase. Immediate resistance is near the $74,800 level. There is also a bearish trend line forming with resistance at $74,850 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $75,500 level. A close above the $75,500 resistance might send the price further higher. In the stated case, the price could rise and test the $75,950 resistance or the 50% Fib retracement level of the downward move from the $77,810 swing high to the $74,050 low. Any more gains might send the price toward the $76,400 level. The next barrier for the bulls could be $77,800.

If Bitcoin fails to rise above the $75,950 resistance zone, it could start another decline. Immediate support is near the $74,000 level.

The first major support is near the $73,500 level. The next support is now near the $73,200 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support now sits at $70,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $74,000, followed by $73,500.

Major Resistance Levels – $74,850 and $75,950.