Bitcoin Price Faces Bearish Pressure, Key Support Levels Tested
- Bitcoin price started a downside correction from the $77,800 zone.
- BTC is trading below $76,800 and the 100 hourly simple moving average.
- There was a break below a declining channel with support at $76,250 on the hourly chart of the BTC/USD pair.
- Immediate resistance is near the $76,000 level, with major resistance at $76,500 and $77,000.
- Major support levels are identified at $74,200 and $73,500.
The Bitcoin price has entered a bearish zone after failing to stay above key resistance levels of $77,000 and subsequently breaking below significant support levels like $76,250 on its hourly chart. This movement indicates potential further declines if BTC does not recover above these critical thresholds.
With Bitcoin trading below crucial averages and facing strong resistance around the $76,500 mark, it remains under pressure to maintain stability above its major support levels to prevent further losses toward the $74,000 region. (Source)
