Bitcoin price started a recovery wave above the $76,500 zone. BTC is consolidating and might aim for more gains if it clears the $77,450 resistance zone.
Bitcoin price remained supported above the $75,000 zone. BTC formed a base and settled above $76,200 to start a recovery wave. There was a move above the $76,500 and $76,600 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $78,100 swing high to the $74,209 low. However, the bears are active near $77,000. There is also a bearish trend line forming with resistance at $77,050 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $76,500 and the 100 hourly simple moving average. If the price remains stable above $77,050, it could attempt a fresh increase. Immediate resistance is near the $77,450 level or the 83.2% Fib retracement level of the downward move from the $78,100 swing high to the $74,209 low.
The first key resistance is near the $78,000 level. A close above the $78,000 resistance might send the price further higher. In the stated case, the price could rise and test the $79,000 resistance. Any more gains might send the price toward the $81,500 level. The next barrier for the bulls could be $82,000.
If Bitcoin fails to rise above the $77,450 resistance zone, it could start another decline. Immediate support is near the $76,150 level.
The first major support is near the $75,650 level. The next support is now near the $76,000 zone. Any more losses might send the price toward the $75,000 support in the near term. The main support now sits at $74,200, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $76,150, followed by $75,650.
Major Resistance Levels – $77,450 and $79,000.
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