Bitcoin is testing a key resistance line in the short term after recovering from the sub-$75,000 region. As the BTC price approaches the $76,850 band again after a short-term rise, market participants are waiting for a clear signal that will determine the direction of the upcoming movement. Although the current technical structure has not yet confirmed a sharp upward momentum, the decisive move will come either by breaching the major resistance level at $79,537 or by pulling the price back into the support zone between $72,936 and $67,626.
Strong Fibonacci Resistance in the Short Term
According to the short-term chart shared by analysis platform MCO Global, BTC price has reached the resistance zone between $76,740 and $76,850, where technical indicators intersect. This region is seen as an important decision point for investors as it is close to both the 61.8 percent Fibonacci retracement and the 100 percent extension points.
The chart also shows that after Bitcoin formed a local bottom at $74,968, it rebounded above $76,500 and moved towards the first resistance band. Still, the price needs to make a clear breakout in this region; Otherwise, it is not possible to say that the upward pressure has become stronger.
MCO Global analysis states, “If the price exceeds this resistance in volume, the next targets stand out as $77,217, $77,441 and $77,813. In this scenario, reaction buying is expected to turn into a third wave rise. However, if there is no clear break above $76,850, the market may continue to fluctuate in the short term.”
If there is a return from this resistance, the support levels of 75.910, 75.668 and 75.489 dollars may come to the fore. At this point, price movements are expected to remain harsh in the short term.
Mid-Term Phases and Main Support Zones
In a different chart shared by Man of Bitcoin, it is highlighted that the BTC price continues its fluctuating course below $ 79,537. The chart shows that BTC moved close to the $77,258 level and buyers were unable to reclaim the resistance zone above.
While the main resistance point here is shown as $ 79,537, downside risks continue to remain on the agenda as long as the BTC price remains below this level. On the other hand; The $72.936, 71.343, 69.785 and $67.626 levels are among the strengthening support areas.
In the shared technical analysis, it was evaluated, “If the price rises above $ 79,537, the seller pressure will weaken and the new targets will be the levels of $ 87,220 and $ 95,181. In the current situation, the bottom of the support zones is critical.”
While this technical outlook highlights uncertainty in the Bitcoin price in the short and medium term, there is a period in which critical levels are carefully monitored for investors.
