Bitcoin Price Bounce Looks Hollow, Downtrend May Resume
Analysis
Price Impact
HighThe article highlights significant price movements for bitcoin, noting a decline below $75,000 and detailing critical support and resistance levels. a failure to overcome key resistances could lead to a further substantial drop towards $70,000.
Trustworthiness
HighThe source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, with content created by industry experts and meticulously reviewed, adhering to the highest standards in reporting.
Price Direction
BearishDespite a minor attempt at recovery from $72,850, bitcoin faces strong resistance levels, notably around $77,000-$77,200, coinciding with a bearish trend line and the 100 hourly simple moving average. technical indicators (macd in bearish zone, rsi below 50) also support a bearish outlook, suggesting the downtrend may resume if resistance holds.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels, and 'near term' price movements, indicating a focus on short-term trading signals and potential price action within days.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price extended its decline below $75,000. BTC is now attempting to recover from $72,850 but faces many hurdles near $76,500. Bitcoin is attempting to recover above $74,000 and $75,000. The price is trading below $79,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $75,000 and $74,000 levels. Bitcoin Price Faces Hurdles Bitcoin price failed to remain stable above the $76,000 zone. BTC extended its decline below the $75,000 and $74,000 levels. The bears were able to push the price below $73,500. A low was formed at $72,865, and the price is now attempting to recover. There was a move above $75,000. The price surpassed the 50% Fib retracement level of the downward move from the $79,120 swing high to the $72,865 low. However, the bears are active near $77,000 and the 61.8% Fib retracement level of the downward move from the $79,120 swing high to the $72,865 low. Bitcoin is now trading below $77,000 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $76,750 level. The first key resistance is near the $77,000 level. There is also a bearish trend line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A close above the $77,200 resistance might send the price further higher. In the stated case, the price could rise and test the $78,500 resistance. Any more gains might send the price toward the $79,000 level. The next barrier for the bulls could be $80,000 and $80,500. Another Decline In BTC? If Bitcoin fails to rise above the $77,200 resistance zone, it could start another decline. Immediate support is near the $75,000 level. The first major support is near the $74,000 level. The next support is now near the $72,850 zone. Any more losses might send the price toward the $71,500 support in the near term. The main support sits at $70,000, 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 – $75,000, followed by $74,000. Major Resistance Levels – $76,750 and $77,200.