Bitcoin Price Turns Lower After Rejection, Downside Pressure Builds

Bitcoin price started a fresh decline from the $79,500 zone. BTC is consolidating and might struggle to stay above the $76,500 support.

• Bitcoin failed to stay above $78,500 and corrected gains.
• The price is trading below $78,000 and the 100 hourly simple moving average.
• There is a connecting bearish trend line forming with resistance at $77,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $77,600 and $78,000 levels.

Bitcoin price failed to stay above the $78,500 resistance zone. BTC formed a top near $79,500 and started a fresh decline. There was a move below the $78,000 level.

The price dipped below the $77,500 and $77,000 levels. A low was formed at $76,480 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $79,481 swing high to the $76,480 low.

Bitcoin is now trading below $78,000 and the 100 hourly simple moving average. If the price remains stable above $76,500, it could attempt a fresh increase. Immediate resistance is near the $77,300 level.

The first key resistance is near the $77,600 level. There is also a connecting bearish trend line forming with resistance at $77,600 on the hourly chart of the BTC/USD pair. A close above the $77,600 resistance might send the price further higher.

In the stated case, the price could rise and test the $78,000 resistance and the 50% Fib retracement level of the downward move from the $79,481 swing high to the $76,480 low. Any more gains might send the price toward the $78,500 level. The next barrier for the bulls could be $78,800.

If Bitcoin fails to rise above the $77,600 resistance zone, it could start another decline. Immediate support is near the $76,750 level.

The first major support is near the $76,500 level. The next support is now near the $75,500 zone. Any more losses might send the price toward the $74,200 support in the near term. The main support now sits at $73,500, 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 – $76,500, followed by $75,500.

Major Resistance Levels – $77,600 and $78,000.