Bitcoin price continued to find support above the $75,000 level. BTC established a foundation and positioned itself above $76,200, initiating a recovery wave. There was a movement above the $76,500 and $76,600 levels. The bulls successfully elevated the price beyond the 50% Fibonacci retracement level of the decline from the $78,100 swing high to the $74,209 low. However, the bears are currently engaged around the $77,000 mark. There is a bearish trend line developing, presenting resistance at $77,050 on the hourly chart of the BTC/USD pair.
Bitcoin is currently positioned 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 positioned around the $77,450 mark, coinciding with the 83.2% Fibonacci retracement level from the decline that occurred between the $78,100 swing high and the $74,209 low. The initial significant resistance is around the $78,000 mark. A close above the $78,000 resistance could propel the price to new heights. In the given scenario, the price may increase and approach the $79,000 resistance level. Further increases could propel the price to the $81,500 mark. The next barrier for the bulls could be $82,000.
If Bitcoin fails to rise above the $77,450 resistance zone, it may initiate 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. Further losses could push the price down to the $75,000 support level in the short term. The primary support level currently stands at $74,200, beneath which BTC may face challenges in regaining momentum in the short term.