Bitcoin Price Rebound Accelerates, Traders Eye Strong Upside Continuation

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.