Bitcoin’s rally from last week has fully reversed. The largest cryptocurrency slipped below $76,500 on Wednesday, extending losses after a failed attempt to reclaim $77,500. The move pushed BTC into bearish territory on the hourly chart, with traders now focused on the $75,550 support zone — the 61.8% Fibonacci retracement of the recent upswing from $74,210 to $77,810.
The $76,500 Breakdown
Bitcoin started the day trading just under $77,000 but couldn’t hold. A break below a declining channel on the hourly chart — with support around $76,250 — accelerated selling. That channel breakdown sent BTC below $76,500, a level that had acted as support earlier in the week. Now the price sits below both $76,500 and the 100-hour simple moving average, a technical combo that often signals more downside.
The move wasn’t a surprise to anyone watching the hourly MACD, which had been losing momentum in bearish territory. The RSI also slipped below 50, confirming sellers have the upper hand in the short term.
Resistance Levels to Watch
On the upside, immediate resistance sits at $76,000. A close above $76,250 would be the first sign of strength — that’s the old channel support turned resistance. If bulls can push past that, $77,000 and $77,200 come next. A move above $77,200 could open the door to $78,000, though the main hurdle is $79,500. That’s a long way from current prices.
Support at $75,550 in Focus
For now, the immediate support is $75,550. If that breaks, the next major floor is $75,000 — a round number that tends to attract stop-losses and limit orders. Below that, the $74,200 zone and then $74,000 are on the radar. A drop toward $73,500 would be the worst-case scenario in the near term; that’s the main support where Bitcoin might struggle to recover quickly.
The next few hours will be telling. If BTC can’t hold $75,550, expect a quick test of $75,000. If it does hold, a bounce toward $76,250 could give bulls a chance to reset. No one’s calling a bottom yet.
