Bitcoin price started a downside correction from the $78,000 zone. BTC is consolidating and might aim for a fresh increase if it clears $78,000. Bitcoin failed to stay above $77,500 and extended losses. The price is trading below $77,000 and the 100 hourly simple moving average. There was a break below a contracting triangle with support at $76,750 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 $76,000 levels. Bitcoin Price Faces Resistance Bitcoin price failed to clear the $78,000 resistance zone . BTC started a downside correction from the $77,809 swing high and traded below $77,500. There was a move below the 23.6% Fib retracement level of the upward move from the $74,209 swing low to the $77,809 high. Besides, there was a break below a contracting triangle with support at $76,750 on the hourly chart of the BTC/USD pair. However, the bulls are active above $76,000. Bitcoin is now trading below $77,000 and the 100 hourly simple moving average. If the price remains stable above $76,000, it could attempt a fresh increase . Immediate resistance is near the $76,750 level. The first key resistance is near the $77,200 level. A close above the $77,200 resistance might send the price further higher. In the stated case, the price could rise and test the $77,800 resistance. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $79,500. Downside Extension In BTC? If Bitcoin fails to rise above the $77,200 resistance zone, it could start another decline. Immediate support is near the $76,000 level or the 50% Fib retracement level of the upward move from the $74,209 swing low to the $77,809 high. The first major support is near the $75,500 level. The next support is now near the $75,000 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 – $76,000, followed by $75,000. Major Resistance Levels – $77,200 and $78,000.
