Bitcoin Faces Resistance as Price Declines Below Key Levels
- Bitcoin price started a fresh decline from the $78,400 zone, forming a top near $78,350.
- BTC is trading below $75,500 and the key resistance levels of $75,500 and $76,000.
- A low was formed at $73,637 with immediate support near the $73,500 level.
- There is a bearish trend line forming with resistance at $75,600 on the hourly chart of BTC/USD.
- The hourly MACD is gaining pace in the bearish zone while RSI is below the neutral level of 50.
Bitcoin’s recent price movement shows a struggle to maintain above critical support levels as it consolidates losses after failing to break through resistance zones around $77,500 and higher. The technical indicators suggest continued bearish momentum unless BTC can reclaim key resistance levels.
With Bitcoin trading below crucial moving averages and facing multiple resistances at higher levels, its ability to recover in the short term remains challenged by persistent selling pressure. (Source)
