Bitcoin Price Plunges: $75K Test Looming as Bears Take Control

by

<a href="https://jpykr.com/btc-usd/">Bitcoin</a> Price Weakness Persists, Traders Brace For Possible $75K Test

The price of Bitcoin has started to fall, dropping below $77,500. It’s currently stabilizing, but could have trouble remaining above the $76,000 level.

  • 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 is a bearish trend line forming with resistance at $76,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might extend losses if it stays below the $77,000 and $77,500 levels.

Bitcoin Price Dips Again

Bitcoin’s price dropped below $77,500 and continued to fall. It went below $77,000 and then dipped even further to below $76,500.

The price briefly fell under $76,200, reaching a low of $76,020 before stabilizing. Currently, the price is showing signs of a potential further decline, as it’s trading below a key technical level – the 23.6% Fibonacci retracement of the recent drop from $82,018 to $76,020.

Bitcoin’s price has fallen below $77,000 and is now trading under its 100-hour moving average. If it can stay above $76,000, it might try to rise again. Currently, $77,000 is acting as a ceiling, and a downward trend line suggests further resistance around $76,850.

The price is currently facing resistance around $78,300. If the price breaks above this level, it could continue to climb, potentially reaching $79,000 or testing the 50% retracement level between $82,018 and $76,020. Further increases could push the price towards $80,000, with $81,200 acting as the next significant hurdle for buyers.

More Losses In BTC?

Okay, so I’m watching Bitcoin closely. If it can’t break through that $78,300 level, I’m expecting it might start dropping again. I’m hoping it holds around $76,200 if it does pull back, that’s where I see some initial support.

Okay, so I’m watching Bitcoin closely, and it seems like we’ve got some key support levels to keep an eye on. Right now, it’s bouncing around near $76,000, but if it drops, $75,500 could be the next place it finds some stability. If it breaks through that, we could see a quick move down to $75,000. But honestly, the big level I’m watching is $74,200. If Bitcoin falls below that, I think it could have a really tough time recovering anytime soon.

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 – $77,000 and $78,300.

Read More

2026-05-19 06:05