Bitcoin Price Consolidates Near Lows As Market Searches For Direction

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 managed to form a base above $76,200 and started a recovery wave.
The price is trading above $77,000 and the 100 hourly simple moving average.
There is a contracting triangle forming with resistance at $77,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might gain bullish momentum if it settles above the $78,000 zone.

Bitcoin Price Eyes Fresh Gains

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.

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.

Another Drop In BTC?

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.

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