Bitcoin Price Dips Under $76,500, Sellers Push For Deeper Pullback

The pair might extend losses if it stays below the 76,000 and 75,500 levels. Bitcoin Price Dips Further Bitcoin price failed to stay above the 77,500 support zone. BTC remained in a bearish zone and extended losses below the 77,000 level. There was a move below the 76,500 level. The price even dipped below 76,000. A low was formed at 75,652 and the price is now consolidating losses. There was a minor increase toward the 23.6 Fib retracement level of the downward move from the 79,480 swing high to the 75,652 low. Bitcoin is now trading below 77,000 and the 100 hourly simple moving average. If the price remains stable above 75,500, it could attempt a fresh increase. Immediate resistance is near the 76,500 level. There is also a connecting bearish trend line forming with resistance at 76,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the 77,150 level. A close above the 77,150 resistance might send the price further higher. In the stated case, the price could rise and test the 77,500 resistance and the 50 Fib retracement level of the downward move from the 79,480 swing high to the 75,652 low. Any more gains might send the price toward the 78,000 level. The next barrier for the bulls could be 78,500. Downside Continuation In BTC? If Bitcoin fails to rise above the 77,000 resistance zone, it could start another decline. Immediate support is near the 76,000 level. The first major support is near the 75,800 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 – 75,500, followed by 75,000. Major Resistance Levels – 76,500 and 77,150.