Bitcoin Faces Continued Downward Pressure Amidst Bearish Trends
- Bitcoin price declined below the $78,500 support zone.
- BTC is trading below $78,000 and the hourly simple moving average.
- A bearish trend line is forming with resistance at $77,700 on the BTC/USD pair.
- The price dipped to a low of $76,561 and is consolidating losses.
- Immediate resistance levels are at $77,700 and $78,650.
Bitcoin continues to face downward pressure as it struggles to maintain above key support levels. The current bearish trend indicates potential further declines if resistance at $77,700 and $78,650 isn’t overcome.
The cryptocurrency’s inability to rise above these resistances could lead to a decline towards lower support zones near $75,800 and potentially down to $73,500 if selling pressure persists. (Source)
