Bitcoin price started a recovery wave above the $76,800 zone.

BTC is consolidating and might aim for more gains if it clears the $78,300 resistance zone.

Bitcoin managed to form a base above $76,000 and started a recovery wave.

The price is trading above $77,200 and the 100 hourly simple moving average.

There was a break above a bearish trend line with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might gain bullish momentum if it settles above the $79,000 zone.

Bitcoin Price Eyes Fresh Upside Break Bitcoin price remained supported above the $76,000 zone.

BTC formed a base and settled above $76,500 to start a recovery wave.

There was a move above the $76,650 and $77,000 levels.

The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $82,017 swing high to the $76,020 low.

Besides, there was a break above a bearish trend line with resistance at $77,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $77,500 and the 100 hourly simple moving average .

If the price remains stable above $77,500, it could attempt a fresh increase.

Immediate resistance is near the $78,300 level.

The first key resistance is near the $79,000 level or the 50% Fib retracement level of the downward move from the $82,017 swing high to the $76,020 low.

A close above the $79,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $80,500 resistance.

Any more gains might send the price toward the $81,500 level.

The next barrier for the bulls could be $82,000.

Another Decline In BTC? If Bitcoin fails to rise above the $79,000 resistance zone, it could start 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 more losses might send the price toward the $75,000 support in the near term.

The main support now sits at $73,500, 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 – $76,500, followed by $76,000.

Major Resistance Levels – $78,300 and $79,000.