Bitcoin Price Turns Lower After Rejection, Downside Pressure Builds

The pair might extend losses if it stays below the 77,600 and 78,000 levels. Bitcoin Price Dips Again Bitcoin price failed to stay above the 78,500 resistance zone. BTC formed a top near 79,500 and started a fresh decline. There was a move below the 78,000 level. The price dipped below the 77,500 and 77,000 levels. A low was formed at 76,480 and the price is now consolidating losses. There was a minor increase above the 23.6 Fib retracement level of the downward move from the 79,481 swing high to the 76,480 low. Bitcoin is now trading below 78,000 and the 100 hourly simple moving average. If the price remains stable above 76,500, it could attempt a fresh increase. Immediate resistance is near the 77,300 level. The first key resistance is near the 77,600 level. There is also a connecting bearish trend line forming with resistance at 77,600 on the hourly chart of the BTC/USD pair. A close above the 77,600 resistance might send the price further higher. In the stated case, the price could rise and test the 78,000 resistance and the 50 Fib retracement level of the downward move from the 79,481 swing high to the 76,480 low. Any more gains might send the price toward the 78,500 level. The next barrier for the bulls could be 78,800. Downside Continuation In BTC? If Bitcoin fails to rise above the 77,600 resistance zone, it could start another decline. Immediate support is near the 76,750 level. The first major support is near the 76,500 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 – 76,500, followed by 75,500. Major Resistance Levels – 77,600 and 78,000.