Bitcoin (BTC) is under renewed selling pressure after a failed attempt to break above the $79,500 resistance zone. The leading cryptocurrency rejected near that level and has since fallen back below the $78,000 mark, with bears now eyeing a breakdown below the critical support at $76,500.
According to data from Kraken, Bitcoin formed a local top near $79,500 and began a fresh decline, dipping below $78,000 and losing the $77,500 and $77,000 levels. A low was carved at $76,480 during intraday trading before the price entered a consolidation phase. As of the latest readings, BTC is trading around $77,000, below the 100-hour simple moving average, suggesting near-term weakness in the hourly timeframe.
Technical indicators paint a cautious picture. The hourly MACD is gaining pace in the bearish zone, while the Relative Strength Index (RSI) sits below the 50 level, reflecting waning bullish momentum. On the hourly chart, a connecting bearish trend line is forming with resistance at $77,600, which must be cleared for any meaningful upside recovery.
If Bitcoin manages to stay above the $76,500 support and break the $77,600 resistance, it could attempt a move toward the $78,000 level and the 50% Fibonacci retracement of the recent decline. A daily close above $78,000 would improve the short-term setup, opening the path toward the $78,500 and $79,500 resistance zones.
On the downside, a confirmed breakdown below $76,500 would expose the $75,500 support level. Further losses could see BTC fall toward $74,200, with the main support now sitting at $73,500. A daily close below $73,500 would put the broader recovery structure under threat.
For now, Bitcoin remains in a range-bound state between $76,500 support and $78,000 resistance. The next directional signal will likely come from either a reclaim of $78,000 or a breakdown below $76,500.
