title: Bitcoin price started a fresh decline below the $78,000 zone.

Bitcoin price started a fresh decline below the $80,000 and $79,500 levels. BTC is now consolidating losses and might face resistance near the $77,800 zone.

Bitcoin price started a fresh decline below the $78,000 zone. BTC is now consolidating losses and might face resistance near the $77,800 zone.

Bitcoin Price Dips Again

Earlier today, we discussed the Bitcoin price recovery above the $75,500 support zone. However, BTC failed to sustain the gains above the 23.6% Fib retracement level of the recent decline from the $80,800 swing high to the $74,475 low.

The price is now trading below the 100 hourly Simple moving average and it seems to be facing an immediate resistance near the 50% Fib retracement level of the recent decline from the $80,800 swing high to the $74,475 low.

Bitcoin price is consolidating above the 61.8% Fib retracement level of the recent decline from the $80,800 swing high to the $74,475 low.

Bitcoin could continue to trade in a bearish zone if it fails to settle above the 50% Fib retracement level and the 100 hourly SMA. The first key resistance is near the $78,500 level. The next key resistance could be $79,500. There is also a connecting bearish trend line forming with resistance at $79,500 on the hourly chart of the BTC/USD pair.

A close above the $79,500 resistance might send the price further higher. In the stated case, the price could rise and test the $81,500 resistance level. Any more gains might send the price toward the $82,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $78,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $75,750 level. The first major support is near the $74,750 level.

The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support sits at $70,000.

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 – $75,750, followed by $74,750.

Major Resistance Levels – $78,500 and $79,500.