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Bitcoin price is consolidating above $77,000 after a recovery wave, aiming for gains if it surpasses the $78,000 resistance. A contracting triangle is forming with resistance at $77,900.
Bitcoin price started a recovery wave above the $77,000 zone. BTC is consolidating and might aim for more gains if it clears the $78,000 resistance zone.
Bitcoin price remained supported above the $76,500 zone. BTC formed a base and settled above $76,800 to start a recovery wave. There was a move above the $77,000 and $77,200 levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $82,016 swing high to the $76,020 low. However, the bears are active near $78,000. There is also a contracting triangle forming with resistance at $77,900 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $77,200 and the 100 hourly simple moving average. If the price remains stable above $77,200, it could attempt a fresh increase. Immediate resistance is near the $78,000 level.
Source: BTCUSD on TradingView.com
The first key resistance is near the $78,500 level. A close above the $78,500 resistance might send the price further higher. In the stated case, the price could rise and test the $79,000 resistance or the 50% Fib retracement level of the downward move from the $82,016 swing high to the $76,020 low. Any more gains might send the price toward the $81,200 level. The next barrier for the bulls could be $82,000.
Bitcoin is currently trading above $77,000, having formed a base above $76,200 and started a recovery wave.
Traders should monitor the $78,000 resistance zone and the $77,900 level where a contracting triangle is forming.
Bitcoin could gain bullish momentum if it settles above the $78,000 zone after consolidating above $76,800.

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If Bitcoin fails to rise above the $78,000 resistance zone, it could start another decline. Immediate support is near the $77,200 level.
The first major support is near the $76,800 level. The next support is now near the $76,200 zone. Any more losses might send the price toward the $75,000 support in the near term. The main support now sits at $74,200, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $76,800, followed by $76,200.
Major Resistance Levels – $78,000 and $79,000.