Bitcoin Price Gives Back Gains, But Structure Remains Bullish

Bitcoin price started a fresh decline from the $78,400 zone. BTC is consolidating and might struggle to stay above the $73,500 support.

• Bitcoin failed to stay above $76,500 and corrected gains.
• The price is trading below $75,500 and the 100 hourly simple moving average.
• There is a connecting bearish trend line forming with resistance at $75,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $75,500 and $76,000 levels.

Bitcoin price failed to stay above the $77,500 resistance zone. BTC formed a top near $78,350 and started a fresh decline. There was a move below the $76,500 level.

The price dipped below the $75,500 and $75,000 levels. A low was formed at $73,637 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $78,343 swing high to the $73,637 low.

Bitcoin is now trading below $76,000 and the 100 hourly simple moving average. If the price remains stable above $73,500, it could attempt a fresh increase. Immediate resistance is near the $74,750 level.

The first key resistance is near the $75,500 level. There is also a connecting bearish trend line forming with resistance at $75,600 on the hourly chart of the BTC/USD pair. A close above the $75,500 resistance might send the price further higher.

In the stated case, the price could rise and test the $76,000 resistance and the 50% Fib retracement level of the downward move from the $78,343 swing high to the $73,637 low. Any more gains might send the price toward the $77,200 level. The next barrier for the bulls could be $78,000.

If Bitcoin fails to rise above the $75,500 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 $72,500 zone. Any more losses might send the price toward the $71,200 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 – $75,500 and $76,000.