Bitcoin Price Recovery Looks Fragile, Another Drop May Follow Soon

Bitcoin price started a downside correction from the 78,000 zone. BTC is consolidating and might aim for a fresh increase if it clears 78,000. Bitcoin failed to stay above 77,500 and extended losses. The price is trading below 77,000 and the 100 hourly simple moving average. There was a break below a contracting triangle with support at 76,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the 76,200 and 76,000 levels. Bitcoin Price Faces Resistance Bitcoin price failed to clear the 78,000 resistance zone. BTC started a downside correction from the 77,809 swing high and traded below 77,500. There was a move below the 23.6 Fib retracement level of the upward move from the 74,209 swing low to the 77,809 high. Besides, there was a break below a contracting triangle with support at 76,750 on the hourly chart of the BTC/USD pair. However, the bulls are active above 76,000. Bitcoin is now trading below 77,000 and the 100 hourly simple moving average. If the price remains stable above 76,000, it could attempt a fresh increase. Immediate resistance is near the 76,750 level. The first key resistance is near the 77,200 level. A close above the 77,200 resistance might send the price further higher. In the stated case, the price could rise and test the 77,800 resistance. Any more gains might send the price toward the 78,000 level. The next barrier for the bulls could be 79,500. Downside Extension In BTC? If Bitcoin fails to rise above the 77,200 resistance zone, it could start another decline. Immediate support is near the 76,000 level or the 50 Fib retracement level of the upward move from the 74,209 swing low to the 77,809 high. The first major support is near the 75,500 level. The next support is now near the 75,000 zone. Any more losses might send the price toward the 74,000 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 – 76,000, followed by 75,000. Major Resistance Levels – 77,200 and 78,000.