Bitcoin price has started a recovery wave above the $76,500 zone. BTC is consolidating and could seek greater gains if it breaks the resistance zone at $77,450.

• Bitcoin managed to create a base above $76,000 and began a wave of recovery.
• The price is above $76,500 and the 100-hour plain moving average.
• A bearish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with resistance at $77,050.
• The pair could gain bullish momentum if it stabilizes above the $77,450 zone.

Bitcoin Price Brings Fresh Profits

Bitcoin price remained supported above the $75,000 zone. BTC formed a base and rose above $76,200, starting a wave of recovery. There was a move above the $76,500 and $76,600 levels.

The bulls managed to push the price above the 50% Fib retracement level in a downward move from a high of $78,100 to a low of $74,209. However, bears are vigorous near $77,000. A bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $77,050.

Bitcoin is currently trading above $76,500 and the 100-hour plain moving average. If the price remains stable above $77,050, it may try to rise again. Immediate resistance is located near the $77,450 level or the 83.2% Fib retracement level for a downward move from the $78,100 high to the $74,209 low.

The first key resistance is near the $78,000 level. A close above the resistance at $78,000 could see the price rise further. In the given case, the price may rise and test the resistance at $79,000. Any further gains could push the price towards the $81,500 level. The next barrier for bulls could be $82,000.

Another BTC drop?

If Bitcoin fails to rise above the $77,450 resistance zone, it could begin 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 further losses could push the price towards the $75,000 support in the near future. Major support currently stands at $74,200, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Main support levels – $76,150, then $75,650.

Major resistance levels – $77,450 and $79,000.