Bitcoin price continued to find support above the $75,000 threshold. BTC has established a solid base, positioning itself above $75,500 as it embarks on a recovery wave. A surge occurred, breaking through the $76,000 and $76,200 thresholds. The bulls successfully drove the price above the 50% Fibonacci retracement level of the decline from the $77,888 swing high to the $74,940 low. However, the bears are making their presence felt near $76,750. A bearish trend line is emerging, presenting resistance at $76,750 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading under $77,000 and has dipped below the 100 hourly simple moving average. If the price holds steady above $75,500, it may seek to initiate a new upward movement. Immediate resistance is positioned around the $76,750 mark, coinciding with the trend line and the 61.8% Fibonacci retracement level derived from the decline between the $77,888 swing high and the $74,940 low.
The initial significant resistance stands around the $77,000 mark. A close above the $77,000 resistance could propel the price even higher. The price is poised to potentially rise and test the $78,000 resistance level. Further gains could propel the price to the $78,500 mark. The upcoming hurdle for the bulls may be set at $80,000. If Bitcoin is unable to break through the $76,750 resistance zone, we may witness the onset of another downward trend. Immediate support is positioned around the $76,000 mark.
The initial significant support can be found around the $75,650 mark. The next support is currently positioned around the $75,000 level. Further losses could push the price down to the $74,250 support level in the short term. The primary support level currently stands at $73,200, and if BTC falls below this mark, it could face challenges in making a recovery in the short term.