Bitcoin Price Rebound Accelerates, Traders Eye Strong Upside Continuation

Bitcoin price started a recovery wave above the $75,000 zone. BTC is consolidating and might aim for more gains if it clears the $77,350 resistance zone.

• Bitcoin managed to form a base above $74,500 and started a recovery wave.
• The price is trading above $75,500 and the 100 hourly simple moving average.
• There is a rising channel forming with resistance at $77,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might gain bullish momentum if it settles above the $77,500 zone.

Bitcoin Price Regains Traction

Bitcoin price remained supported above the $74,000 zone. BTC formed a base and settled above $74,500 to start a recovery wave. There was a move above the $75,000 and $75,500 levels.

The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $78,344 swing high to the $73,637 low. There is also a rising channel forming with resistance at $77,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $75,500 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $77,250 level and the 76.4% Fib retracement level of the downward move from the $78,344 swing high to the $73,637 low.

Source: BTCUSD on TradingView.com

The first key resistance is near the $77,350 level. A close above the $77,350 resistance might send the price further higher. In the stated case, the price could rise and test the $78,000 resistance. Any more gains might send the price toward the $78,500 level. The next barrier for the bulls could be $80,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $77,350 resistance zone, it could start another decline. Immediate support is near the $76,000 level.