Bitcoin price started a recovery wave from the $73,650 zone. BTC is 
consolidating and might struggle to clear the $76,500 resistance zone. Bitcoin 
managed to form a base above $74,000 and started a recovery wave. The price is 
trading above $75,000 and the 100 hourly simple moving average. There was a 
break above a bearish trend line with resistance at $75,200 on the hourly 
chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish 
momentum if it settles above the $76,500 zone. Bitcoin Price Aims Higher 
Bitcoin price extended losses below the $75,500 support zone. BTC even spiked 
below $74,000 before the bulls appeared. A low was formed at $73,637, and the 
price is now attempting to recover. There was a move above the $74,500 and 
$75,000 levels. There was a break above a bearish trend line with resistance 
at $75,200 on the hourly chart of the BTC/USD pair. The pair even surpassed 
the 50% Fib retracement level of the downward move from the $78,344 swing high 
to the $73,637 low. Bitcoin is now trading above $75,000 and the 100 hourly 
simple moving average. If the price remains stable above $75,000, it could 
attempt a fresh increase. Immediate resistance is near the $76,500 level and 
the 61.8% Fib retracement level of the downward move from the $78,344 swing 
high to the $73,637 low. The first key resistance is near the $77,250 level. A 
close above the $77,250 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 $76,500 resistance zone, it could start another decline. Immediate support 
is near the $75,400 level. The first major support is near the $75,000 level. 
The next support is now near the $74,250 zone. Any more losses might send the 
price toward the $73,650 support in the near term. The main support now sits 
at $72,000, below which BTC might struggle to recover in the near term. 
Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish 
zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now moving 
lower toward the 50 level. Major Support Levels – $75,000, followed by 
$74,250. Major Resistance Levels – $76,500 and $77,250.

Bitcoin Price Eyes Fresh Upside, Traders Watch For Breakout Move

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