Bitcoin Price Teeters Near The Edge As Bears Eye Another Breakdown

Bitcoin price started a fresh decline below the 73,800 zone. BTC is consolidating and might continue to move down if it dips below 72,500. Bitcoin failed to stay above 74,200 and extended losses. The price is trading below 73,800 and the 100 hourly simple moving average. There was a break below a rising channel with support at 73,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the 74,200 and 74,500 levels. Bitcoin Price Turns Red Bitcoin price failed to stay above the 75,000 support zone. BTC remained in a bearish zone and extended losses below the 74,500 level. There was a move below the 74,000 level. The price even dipped below 73,000. A low was formed at 72,470 and the price recently attempted a recovery wave. There was a minor move above the 23.6 Fib retracement level of the downward move from the 77,810 swing high to the 72,470 low. However, it faced resistance near 74,000. Recently, there was a break below a rising channel with support at 73,550 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below 73,800 and the 100 hourly simple moving average. If the price remains stable above 72,000, it could attempt a fresh increase. Immediate resistance is near the 73,850 level. The first key resistance is near the 74,000 level. A close above the 74,000 resistance might send the price further higher. In the stated case, the price could rise and test the 74,500 resistance. Any more gains might send the price toward the 75,150 level or the 50 Fib retracement level of the downward move from the 77,810 swing high to the 72,470 low. The next barrier for the bulls could be 75,500. Downside Continuation In BTC? If Bitcoin fails to rise above the 74,200 resistance zone, it could start another decline. Immediate support is near the 73,000 level. The first major support is near the 72,500 level. The next support is now near the 72,000 zone. Any more losses might send the price toward the 71,500 support in the near term. The main support now sits at 70,850, 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 – 72,500, followed by 72,000. Major Resistance Levels – 74,000 and 74,500.