Bitcoin continues to face significant selling pressure, with the price failing to hold above critical resistance levels and bears dominating the market. The leading cryptocurrency is currently trading below $76,200, having dipped to a low of $74,940, marking a fresh decline from the $76,500 region.
According to a Glassnode report, Bitcoin's rejection came at the True Market Mean near $78,000, a zone previously identified as the main ceiling for the current bear market rally. The price also failed to stay above the short-term holder cost basis at $79,000. Support at $65,000 to $70,000 has held firm, with buyer activity building over two months, but demand remains weak.
On the hourly chart, a bearish trend line is forming with resistance at $77,200. The Relative Strength Index (RSI) is below 50, and the MACD is gaining pace in the bearish zone, indicating continued downside momentum. Immediate support lies at $75,500 and $75,000. A break below $75,000 could send the price toward $74,200 and the main support at $73,500.
If Bitcoin can hold above $75,000, a minor recovery may occur, with resistance at $76,400, $77,200, and then $77,650. However, analysts suggest that weak demand and elevated short exposure are capping upside potential, and the market remains cautious.
