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Bitcoin price started a recovery wave above the $75,000 zone. BTC is consolidating and could target further gains if it clears the $77,350 resistance area.
Bitcoin remained supported above the $74,000 zone, forming a base and holding above $74,500 before beginning a recovery move. The price advanced above the $75,000 and $75,500 levels.
Bulls pushed BTC above the 61.8% Fibonacci retracement level of the decline from the $78,344 swing high to the $73,637 low. A rising channel is also forming, with resistance at $77,350 on the hourly chart for the BTC/USD pair.
BTC is trading above $75,500 and the 100-hour simple moving average. If it stays stable above $75,000, it may attempt another increase. Immediate resistance is near $77,250, along with the 76.4% Fibonacci retracement level of the same $78,344 to $73,637 decline.
The first key resistance is around $77,350. A close above $77,350 could open the way for a move higher, potentially testing $78,000. Additional gains could then target $78,500, with $80,000 identified as the next major barrier for bulls.
If Bitcoin fails to break above the $77,350 resistance zone, it could begin another decline. Immediate support is near $76,000. The first major support is around $75,650, followed by the $75,400 area. Further losses may push BTC toward $74,250 in the near term, while the main support sits at $73,200, below which recovery could become more difficult.
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