Bitcoin's price has started a recovery wave, climbing above the $75,000 zone and forming a base above $74,500. The cryptocurrency is now trading above $75,500 and the 100-hour simple moving average, according to technical analysis of the BTC/USD pair. A rising channel is forming on the hourly chart, with resistance identified at $77,350.
This move follows a period where the price remained supported above the $74,000 level. The recovery pushed the asset above the 61.8% Fibonacci retracement level of a recent downward move from a swing high of $78,344 to a low of $73,637. The current consolidation suggests traders are assessing momentum for the next directional move.
The immediate technical resistance is near the $77,250 level, which aligns with the 76.4% Fib retracement. Analysts suggest that if the price settles above the $77,500 zone, it could gain significant bullish momentum. Stability above the $75,000 level is seen as a prerequisite for a fresh increase.
The next steps depend heavily on whether Bitcoin can decisively break through the identified channel resistance. A successful breakout could target a retest of recent highs, while failure could see a retreat back toward the established support base. Market participants are closely watching these technical levels for signals.