3 weeks ago
18
Key Takeaways
- The daily chart still favours the rebound.
- The weekly chart has not turned higher.
- $80,000-$82,300 remains a major barrier.
- A weekly RSI signal adds caution.
$76,500 held again, but the retest is not complete
Bitcoin traded near $78,400 at the time of writing after the $76,500-$77,000 range held through two pullbacks. The area had capped Bitcoin’s earlier advance, but price is now bouncing from it instead. That is an early sign that the former ceiling may be turning into a floor, although the daily close is still needed to confirm the latest retest.
Our previous Bitcoin price analysis identified the area as an important support zone. The current reaction suggests that the level is still attracting demand, although the daily candle must close before the retest can be treated as settled.
The level also matches the 23.6% Fibonacci retracement at $76,500. The retracement is measured from Bitcoin’s June low near $57,700 to the Au...
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