Bitcoin Price Gives Back Gains, But Structure Remains Bullish

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.