Bitcoin price started a downside correction from the $77,800 zone.

BTC is showing bearish signs and might continue lower below $75,500.

Bitcoin failed to stay above $77,000 and extended losses.

The price is trading below $76,800 and the 100 hourly simple moving average.

There was a break below a declining channel with support at $76,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might extend losses if it stays below the $76,200 and $76,500 levels.

Bitcoin Price Dips Further Bitcoin price failed to clear the $77,500 resistance zone.

BTC started a downside correction and declined below the key support at $76,500 to enter a bearish zone.

There was a move below the 50% Fib retracement level of the upward move from the $74,210 swing low to the $77,810 high.

Besides, there was a break below a declining channel with support at $76,250 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $76,500 and the 100 hourly simple moving average.

If the price remains stable above $75,500, it could attempt a fresh increase.

Immediate resistance is near the $76,000 level.

The first key resistance is near the $76,250 level.

A close above the $76,250 resistance might send the price further higher.

In the stated case, the price could rise and test the $77,000 resistance.

The next resistance could be near the $77,200 level.

Any more gains might send the price toward the $78,000 level.

The main hurdle for the bulls could be $79,500.

Downside Extension In BTC? If Bitcoin fails to rise above the $76,500 resistance zone, it could start another decline.

Immediate support is near the $75,550 level or the 61.8% Fib retracement level of the upward move from the $74,210 swing low to the $77,810 high.

The first major support is near the $75,000 level.

The next support is now near the $74,200 zone.

Any more losses might send the price toward the $74,000 support in the near term.

The main support now sits at $73,500, below which BTC might struggle to recover in the near term.

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 – $74,200, followed by $73,500.

Major Resistance Levels – $76,500 and $77,000.