Bitcoin price has started a recovery wave above the $76,800 zone. BTC is consolidating and could seek greater gains if it breaks the resistance zone at $78,300.

• Bitcoin managed to create a base above $76,000 and began a wave of recovery.
• The price is above $77,200 and the 100-hour elementary moving average.
• On the hourly chart of the BTC/USD pair, there was a break above the bearish trend line with resistance at $77,200 (powered by data from Kraken).
• The pair could gain bullish momentum if it stabilizes above the $79,000 zone.

Bitcoin price has a fresh outlook on growth

Bitcoin price remained supported above the $76,000 zone. BTC formed a base and rose above $76,500, starting a wave of recovery. There was a move above the $76,650 and $77,000 levels.

The bulls managed to push the price above the 23.6% Fib retracement level in a move down from a high of $82,017 to a low of $76,020. Additionally, there was a break above the bearish trend line with resistance at $77,200 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading above $77,500 and the 100-hour elementary moving average. If the price remains stable above $77,500, it may try to rise again. Immediate resistance is near the $78,300 level.

The first key resistance is located near the $79,000 level or the 50% Fib retracement level for a move down from the high of $82,017 to the low of $76,020. A close above the resistance at $79,000 could see the price rise further. In the given case, the price may rise and test the resistance at $80,500. Any further gains could push the price towards the $81,500 level. The next barrier for bulls could be $82,000.

Another BTC drop?

If Bitcoin does not rise above the $79,000 resistance zone, it could begin another decline. Immediate support is near the $77,200 level.

The first major support is near the $76,500 level. The next support is now near the $76,000 zone. Any further losses could push the price towards the $75,000 support in the near future. Major support currently stands at $73,500, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major support levels – $76,500 and then $76,000.

Major resistance levels – $78,300 and $79,000.