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.
