After dropping to $75,500 earlier today, the 0.382 Fibonacci level at $76,014 was tested as support earlier today has now been lost. Price is currently sitting in open space between that level and the next meaningful floor.
The first level to watch is around $74,300, where price found support on May 23 and briefly stopped the drop before recovering. That level showed buyers once already – whether they show up again is the question the next few hours will answer.
If $74,300 doesn’t hold, the next visible support on the chart is the 0.5 Fibonacci level at $73,914. That level also has the SMA100 at $72,929 rising below it as an additional floor if things extend further. Between current price and $73,914 there’s not much structure to slow the move down.
All three moving averages remain above current price – SMA50 at $77,161, SMA100 at $72,929, SMA200 at $80,164. The SMA50 and SMA200 are both declining while the SMA100 is the only one curling upward from below, now acting as the rising support floor underneath the Fibonacci levels.
RSI at 39.64 is approaching oversold territory with the signal line at 46.91, meaning RSI is running well below signal – momentum is firmly bearish with no sign of reversal yet.
Until buyers step in at either $74,300 or $73,914 and produce a meaningful recovery candle, the path of least resistance stays downward.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
The post Bitcoin Dips Under $75,000: How Far it Can Drop Next appeared first on Coindoo.
