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 Dips Again 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. 
Downside Continuation In BTC? 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.

Bitcoin Price Gives Back Gains, But Structure Remains Bullish

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Cryptocurrency price in USD