The price of Bitcoin remained supported above the $76,000 mark, establishing a price base and stabilizing above $76,500 to begin a new recovery. The price then managed to surpass the $76,650 and $77,000 levels.
Buyers also succeeded in pushing the price above the 23.6% Fibonacci retracement level of the decline from the high of $82,017 to the low of $76,020. Additionally, a descending trend line with resistance at $77,200 was broken on the hourly chart of the Bitcoin/Dollar pair.
Bitcoin is currently trading above $77,500 and also above the 100-hour simple moving average. If the price holds above this level, it may attempt to make a new high. Immediate resistance is near the $78,300 level.
The first major resistance is near the $79,000 level, or at the 50% Fibonacci retracement level of the decline from $82,017 to $76,020.
If the price closes above the $79,000 resistance level, it could continue its upward movement to test the $80,500 level. Further gains could push the price towards $81,500, while the next hurdle for buyers might be at $82,000.
Is Bitcoin heading for a new downward trend?
If Bitcoin fails to break through the resistance level at $79,000, it could begin a new downward trend. Immediate support lies near the $77,200 level.
The first major support level is near $76,500, followed by another support level around $76,000. If losses continue, the price could decline towards the support level at $75,000 in the near term.
The main support is currently centered at $73,500, below which Bitcoin may struggle to recover.
Technical indicators:
The MACD indicator on the hourly timeframe is gaining momentum within the positive zone.
The Relative Strength Index (RSI) for the Bitcoin/Dollar pair is moving above the 50 level.
Key support levels:
$76,500
$76,000
Key resistance levels:
$78,300
$79,000
