Bitcoin Price Extends Decline Rapidly As Key Supports Collapse

Bitcoin price started a fresh decline below the 75,500 zone. BTC is consolidating and might struggle to stay above the 74,000 support. Bitcoin failed to stay above 76,000 and extended losses. The price is trading below 75,500 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at 74,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the 75,000 and 75,500 levels. Bitcoin Price Dips Further Bitcoin price failed to stay above the 76,200 support zone. BTC remained in a bearish zone and extended losses below the 75,800 level. There was a move below the 75,500 level. The price even dipped below 75,000. A low was formed at 74,050 and the price is now consolidating losses. It is still struggling below the 23.6 Fib retracement level of the downward move from the 77,810 swing high to the 74,050 low. Bitcoin is now trading below 75,000 and the 100 hourly simple moving average. If the price remains stable above 74,000, it could attempt a fresh increase. Immediate resistance is near the 74,800 level. There is also a bearish trend line forming with resistance at 74,850 on the hourly chart of the BTC/USD pair. The first key resistance is near the 75,500 level. A close above the 75,500 resistance might send the price further higher. In the stated case, the price could rise and test the 75,950 resistance or the 50 Fib retracement level of the downward move from the 77,810 swing high to the 74,050 low. Any more gains might send the price toward the 76,400 level. The next barrier for the bulls could be 77,800. More Losses In BTC? If Bitcoin fails to rise above the 75,950 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 73,200 zone. Any more losses might send the price toward the 72,000 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 – 74,850 and 75,950.