NewsBTC
10 hour ago
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BEARISH 📉 : Bitcoin price falls further, struggles to hold $72,000 support

Bitcoin Price Analysis

  • Bitcoin's price has dropped below $73,500 and is now consolidating losses.
  • The cryptocurrency is encountering resistance near $75,200 on the BTC/USD hourly chart.
  • Currently trading below $75,000 and the 100-hour simple moving average.
  • A further dip is possible if Bitcoin falls below support levels at $72,000 and $71,200.

Current Market Situation

  • BTC failed to maintain stability above $75,000, declining past $74,000 and $73,500.
  • A low formed at $71,532, with consolidation occurring below the 23.6% Fib retracement from the recent drop.
  • If BTC stabilizes above $72,000, a rise towards $74,200 could occur.
  • Breaking $74,200 might lead to testing the $75,000 resistance or the 61.8% Fib level.

Bitcoin Price

Potential Downside

  • Failure to break $75,000 may trigger another decline.
  • Immediate support lies at $72,000, with significant support at $71,200.
  • Further declines could test supports at $70,500 and potentially $68,000.

Technical Indicators

  • Hourly MACD: Bearish momentum increasing.
  • Hourly RSI: Below 50, indicating weaker buying pressure.
  • Key Supports: $72,000, $71,200.
  • Key Resistances: $72,850, $74,200.