Bitcoin Price Downtrend Gains Pace, Recovery Hopes Continue To Fade

Bitcoin price started a downside correction from the $77,800 zone. BTC is showing bearish signs and might continue lower below $75,500. Bitcoin failed to stay above $77,000 and extended losses. The price 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 (data feed from Kraken). The pair might extend losses if it stays below the $76,200 and $76,500 levels. Bitcoin Price Dips Further Bitcoin price failed to clear the $77,500 resistance zone. BTC started a downside correction and declined below the key support at $76,500 to enter a bearish zone. There was a move below the 50% Fib retracement level of the upward move from the $74,210 swing low to the $77,810 high. Besides, there was a break below a declining channel with support at $76,250 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $76,500 and the 100 hourly simple moving average. If the price remains stable above $75,500, it could attempt a fresh increase. Immediate resistance is near the $76,000 level. The first key resistance is near the $76,250 level. A close above the $76,250 resistance might send the price further higher. In the stated case, the price could rise and test the $77,000 resistance. The next resistance could be near the $77,200 level. Any more gains might send the price toward the $78,000 level. The main hurdle for the bulls could be $79,500. Downside Extension In BTC? If Bitcoin fails to rise above the $76,500 resistance zone, it could start another decline. Immediate support is near the $75,550 level or the 61.8% Fib retracement level of the upward move from the $74,210 swing low to the $77,810 high. The first major support is near the $75,000 level. The next support is now near the $74,200 zone. Any more losses might send the price toward the $74,000 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 – $74,200, followed by $73,500. Major Resistance Levels – $76,500 and $77,000.