Bitcoin Price Consolidates Near Lows As Market Searches For Direction

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a recovery wave above the $77,000 zone. BTC is consolidating and might aim for more gains if it clears the $78,000 resistance zone. - Bitcoin managed to form a base above $76,200 and started a recovery wave. - The price is trading above $77,000 and the 100 hourly simple moving average. - There is a contracting triangle forming with resistance at $77,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). - The pair might gain bullish momentum if it settles above the $78,000 zone. Bitcoin Price Eyes Fresh Gains Bitcoin price remained supported above the $76,500 zone. BTC formed a base and settled above $76,800 to start a recovery wave. There was a move above the $77,000 and $77,200 levels. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $82,016 swing high to the $76,020 low. However, the bears are active near $78,000. There is also a contracting triangle forming with resistance at $77,900 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $77,200 and the 100 hourly simple moving average. If the price remains stable above $77,200, it could attempt a fresh increase. Immediate resistance is near the $78,000 level. The first key resistance is near the $78,500 level. A close above the $78,500 resistance might send the price further higher. In the stated case, the price could rise and test the $79,000 resistance or the 50% Fib retracement level of the downward move from the $82,016 swing high to the $76,020 low. Any more gains might send the price toward the $81,200 level. The next barrier for the bulls could be $82,000. Another Drop In BTC? If Bitcoin fails to rise above the $78,000 resistance zone, it could start another decline. Immediate support is near the $77,200 level. The first major support is near the $76,800 level. The next support is now near the $76,200 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 – $76,800, followed by $76,200. Major Resistance Levels – $78,000 and $79,000.

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