Bitcoin retreats as downside risks begin to increase again

Bitcoin remained supported above the $76,000 region, where it formed a price base and stabilized above the $76,500 level before starting a new recovery wave. The price managed to break above both the $76,650 and $77,000 levels.

Buyers also pushed the price above the 23.6% Fibonacci retracement level of the decline from the $82,017 high to the $76,020 low. In addition, a bearish trendline with resistance near $77,200 was broken on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading above the $77,500 level and also above the 100-hour simple moving average. If the price maintains stability above this area, it may attempt another upward move. Immediate resistance is located near the $78,300 level.

The first major resistance stands near the $79,000 level, which also coincides with the 50% Fibonacci retracement level of the decline from $82,017 to $76,020.

If Bitcoin closes above the $79,000 resistance zone, the price could continue rising toward the $80,500 level. Any further gains may push the price toward $81,500, while the next key obstacle for bulls could appear near the $82,000 level.

Is Bitcoin heading toward another decline?

If Bitcoin fails to break above the $79,000 resistance area, it may begin another downward move. Immediate support is located near the $77,200 level.

The first major support stands near $76,500, followed by another support zone around $76,000. If losses continue, the price could decline toward the $75,000 support area in the near term.

The main support is currently positioned near $73,500, a level below which Bitcoin may struggle to recover.

Technical indicators:

• The hourly MACD is gaining momentum in positive territory.

• The RSI for the BTC/USD pair is trading above the 50 level.

Key support levels:

• $76,500

• $76,000

Key resistance levels:

• $78,300

• $79,000