Bitcoin Price Climbs Into Resistance As Bears Defend Critical Levels

Bitcoin price started a recovery wave above the $76,500 zone. BTC is consolidating and might aim for more gains if it clears the $77,450 resistance zone.

• Bitcoin managed to form a base above $76,000 and started a recovery wave.
• The price is trading above $76,500 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance at $77,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might gain bullish momentum if it settles above the $77,450 zone.

Bitcoin Price Eyes Fresh Gains

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

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

Bitcoin is now trading 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 near the $77,450 level or the 83.2% Fib retracement level of the downward move from the $78,100 swing high to the $74,209 low.

Source: BTCUSD on TradingView.com

The first key resistance is near the $78,000 level. A close above the $78,000 resistance might send the price further higher. In the stated case, the price could rise and test the $79,000 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?