Bitcoin price started a recent rally and cleared the $78,000 zone. BTC is consolidating and may seek more gains above the $78,550 level.

• Bitcoin managed to stay above $77,000 and began a recent rally.
• The price is above $77,800 and the 100-hour plain moving average.
• A bullish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with support at $78,000.
• The pair could expand gains if it holds above the $77,200 and $77,000 levels.

Bitcoin price has a fresh look at the top

Bitcoin price found support near $75,000 and began a recent rally. BTC gained momentum to break above the $76,500 and $77,500 resistance levels.

The bulls even pushed the price above $79,000. The high formed at $79,490, after which the price began a slight downward correction. It fell below $78,000 and tested the 50% Fib retracement level in an upward move from a low of $74,850 to a high of $79,490.

However, bulls were lively above $77,000. Bitcoin is currently trading above $78,000 and the 100-hour plain moving average. A bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $78,000.

If the price remains stable above $77,200, it may try to rise again. Immediate resistance is near the $78,550 level. The first key resistance is near the $79,000 level. A close above the resistance at $79,000 could see the price rise further. In this case, the price could move higher and test the resistance at $79,500. Any further gains could push the price towards the $80,000 level. The next barrier for bulls could be $82,000.

Another BTC drop?

If Bitcoin does not rise above the $78,550 resistance zone, it could begin another decline. Immediate support is near the $78,000 level. The first major support is located near the $77,000 level or the 50% Fib retracement level for an upward move from the low of $74,850 to the high of $79,490.

The next support is now near the $76,250 zone. Any further losses could push the price towards the $75,500 support in the near future. Major support is currently at $75,000, 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 – $77,200, then $77,000.

Major resistance levels – $78,550 and $79,000.