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Bitcoin started a recovery wave from the $73,650 zone, but the cryptocurrency is currently consolidating and may struggle to break above the $76,500 resistance area.
Bitcoin formed a base above $74,000 and began a recovery. The price is trading above $75,000 and above the 100 hourly simple moving average. On the hourly chart for the BTC/USD pair (data feed from Kraken), there was a break above a bearish trend line, with resistance around $75,200.
The recovery also pushed the price above the 50% Fibonacci retracement level of the downward move from the $78,344 swing high to the $73,637 low. Further upside would likely depend on whether BTC can hold above key levels and clear the $76,500 area.
Bitcoin’s immediate resistance is near $76,500, along with the 61.8% Fibonacci retracement level of the same decline from $78,344 to $73,637. The first key resistance is around $77,250.
If BTC closes above $77,250, it could move higher to test $78,000. Additional gains could extend toward $78,500, with $80,000 identified as the next major barrier for buyers.
If Bitcoin fails to rise above the $76,500 resistance zone, it may start another decline. Immediate support is near $75,400, followed by the $75,000 level.
Further downside support is around $74,250. If losses continue, BTC could test the $73,650 support in the near term. The main support is at $72,000, below which the article notes BTC might struggle to recover in the near term.
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