Bitcoin Price Recovery Near Resistance, Breakout Or Rejection Next?

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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 $76,500 zone. BTC is consolidating and might aim for more gains if it clears the $76,750 resistance zone. - Bitcoin managed to form a base above $75,000 and started a recovery wave. - 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). - The pair might gain bullish momentum if it settles above the $77,000 zone. 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. There was a move above the $76,000 and $76,200 levels. 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. However, the bears 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 pair. Bitcoin is now trading below $77,000 and the 100 hourly simple moving average. If the price remains stable above $75,500, it could attempt a fresh increase. Immediate resistance is near the $76,750 level, the trend line, and the 61.8% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low. 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. Any more gains might send the price toward the $78,500 level. The next barrier for the bulls could be $80,000. Another Decline In BTC? If Bitcoin fails to rise above the $76,750 resistance zone, it could start another decline. Immediate support is near the $76,000 level. 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 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 – $76,000, followed by $75,650. Major Resistance Levels – $76,750 and $77,000.

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