Bitcoin price started a recovery wave above the $76,800 zone. BTC is 
consolidating and might aim for more gains if it clears the $78,300 resistance 
zone. Bitcoin managed to form a base above $76,000 and started a recovery 
wave. The price is trading above $77,200 and the 100 hourly simple moving 
average. There was a break above a bearish trend line with resistance at 
$77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The 
pair might gain bullish momentum if it settles above the $79,000 zone. Bitcoin 
Price Eyes Fresh Upside Break Bitcoin price remained supported above the 
$76,000 zone. BTC formed a base and settled above $76,500 to start a recovery 
wave. There was a move above the $76,650 and $77,000 levels. The bulls were 
able to push the price above the 23.6% Fib retracement level of the downward 
move from the $82,017 swing high to the $76,020 low. Besides, there was a 
break above a bearish trend line with resistance at $77,200 on the hourly 
chart of the BTC/USD pair. Bitcoin is now trading above $77,500 and the 100 
hourly simple moving average. If the price remains stable above $77,500, it 
could attempt a fresh increase. Immediate resistance is near the $78,300 
level. The first key resistance is near the $79,000 level or the 50% Fib 
retracement level of the downward move from the $82,017 swing high to the 
$76,020 low. A close above the $79,000 resistance might send the price further 
higher. In the stated case, the price could rise and test the $80,500 
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 $79,000 resistance zone, it could start 
another decline. Immediate support is near the $77,200 level. The first major 
support is near the $76,500 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 $73,500, 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 – 
$76,500, followed by $76,000. Major Resistance Levels – $78,300 and $79,000.

Bitcoin price started a recovery wave above the $76,800 zone. BTC is consolidating and might aim for more gains if it clears the $78,300 resistance zone. Bitcoin managed to form a base above $76,000 and started a recovery wave. The price is trading above $77,200 and the 100 hourly simple moving average. There was a &#8230;

Bitcoin Price Bounce Weakens, Downside Risks Begin Rising Again

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Bitcoin Price Bounce Weakens, Downside Risks Begin Rising Again

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