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.

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.

The first major support is near the $75,650 level. The next support is now near the $75,400 zone. Any more losses might send the price toward the $74,250 support in the near term. The main support now sits at $73,200, 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 – $76,000, followed by $75,400.

Major Resistance Levels – $77,250 and $78,000.

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