Bitcoin Price Weakness Grows, Traders Brace For Further Downside
Bitcoin price started a fresh decline below the $76,500 zone. BTC is consolidating and might struggle to stay above the $75,000 support. A close above the $77,200 resistance might send the price further higher. In the stated case, the price could rise and test the $77,650 resistance. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $78,500. If Bitcoin fails to rise above the $77,200 resistance zone, it could start another decline. Immediate support is near the $75,500 level. The first major support is near the $75,250 level. The next support is now near the $75,000 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 – $75,500, followed by $75,000. Major Resistance Levels – $76,400 and $77,200.Downside Extension In BTC?
About Author
