Bitcoin has fallen below $78,500 and is consolidating near the $76,500 support level, with a bearish trend line forming resistance at $77,700 on the hourly chart.
Bitcoin extended losses on May 18, trading below $78,000 and failing to hold above the $78,500 zone. The cryptocurrency is now consolidating near the $76,500 support level, with downside pressure building as BTC trades below its 100 hourly simple moving average.
On the BTC/USD hourly chart, a bearish trend line has formed with resistance at $77,700. Analysts tracking the asset note that Bitcoin may extend further losses if it remains below both the $77,700 and $78,500 levels, signaling potential continued weakness in the near term.
This article was produced with the help of AI flows.