Bitcoin price started a recovery wave above the $76,500 zone. $BTC is consolidating, and if it clears the $76,750 resistance level, it could aim for further gains. Bitcoin started a recovery wave after establishing a base above $75,000. The price is trading below $77,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $76,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
If the pair settles above $77,000, it could gain momentum in the direction of the bulls. Bitcoin Price Eyes Upside Break
Bitcoin price remained supported above the $75,000 zone. BTC formed a base and settled above $75,500 to start a recovery wave. Over the $76,000 and $76,200 levels, there was a move. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low. The bears, on the other hand, are active near $76,750. There is also a bearish trend line forming with resistance at $76,750 on the hourly chart of the BTC/USD
Bitcoin is now trading below $77,000 and the 100 hourly simple moving average. It may attempt a fresh increase if the price stays above $75,500. The trend line, the 61.8% Fib retracement level of the downward movement from the $77,888 swing high to the $74,940 low, and the $76,750 level serve as immediate resistance. Cost of Bitcoin Source: BTCUSD on TradingView.com
The first key resistance is near the $77,000 level. A close above the $77,000 resistance might send the price further higher. In the stated case, the price could rise and test the $78,000 resistance. The price could reach $78,500 with any additional gains. $80,000 could be the bulls' next obstacle. BTC's decline continues? Bitcoin could begin a new decline in the event that it does not break above the $76,750 resistance level. The level of immediate support is close to $76,000. The first major support is near the $75,650 level. The next support is now near the $75,000 zone. Any more losses might send the price toward the $74,250 support in the near term. The main support now sits at $73,200, below which $BTC might struggle to recover in the near
The hourly relative strength index (RSI) for BTC/USD is currently above the 50 level. $76,000 was the highest major support level, followed by $75,650. The major levels of resistance are $76,750 and $77,000.
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