Bitcoin (BTC) has formed a base above $76,000 and is trading above $76,500 and the 100-hour SMA, with bullish MACD momentum and RSI above 50 signaling a recovery wave in the crypto market. Key resistance lies at a bearish trend line near $77,050 and the $77,450 zone; a successful breakout could target $78,000, $79,000 and $81,500 while failure to clear $77,450 risks a pullback to supports at $76,150, $75,650 and $74,200.

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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 managed to form a base above $76,000 and started a recovery wave.
The price is trading above $76,500 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $77,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might gain bullish momentum if it settles above the $77,450 zone.

Bitcoin Price Eyes Fresh Gains

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.

Another Decline In BTC?

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.

Read the article at NewsBTC