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. 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.Downside Continuation In BTC?
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