Bitcoin slid below $75,000 on May 28, extending its recent decline as the cryptocurrency failed to hold above the $76,000 level. The leading digital asset dropped to a low of $74,050 on Kraken, and is now trading below its 100-hour simple moving average — a bearish signal for short-term traders.
Technical breakdown accelerates
The sell-off gained momentum after Bitcoin couldn't sustain its position above $76,000 during the previous session. On the hourly chart, a bearish trend line has emerged with resistance at $74,850, capping any attempted bounces. The 100-hour moving average now sits above current prices, reinforcing the bearish tilt.
Key levels under pressure
Immediate support sits near $74,000. If that level fails to hold, the next major floor is at $73,500, followed by $73,200. A deeper decline could push prices toward $72,000, with the main support zone at $70,000.
On the upside, Bitcoin faces stiff resistance at $74,800 and then $75,500. A move above the trend line at $74,850 would be needed to relieve some downward pressure, but the first key resistance remains $75,950.
Indicators flash red
The hourly MACD is gaining pace in the bearish zone, while the Relative Strength Index (RSI) has dipped below 50 — both classic sell signals. The descending trend line and moving average resistance are reinforcing the bearish momentum.
For now, the $74,000 support is the line in the sand. A close below it could accelerate losses toward $73,500 and beyond. Traders will watch whether bulls can defend that level in the coming hours.
