Bitcoin at Critical Juncture as Support Zone Holds Key

Bitcoin is facing a crucial support test as it trades near $77,000. The cryptocurrency has returned to the lower boundary of a descending structure after repeatedly failing to break through the upper trendline.

The three-hour chart places the immediate decision area around $76,000-$77,000, with BTC trading near $76,789 when the chart was captured. A successful defense of this zone could trigger a rebound toward roughly $78,000, followed by the upper resistance area around $79,000-$80,000.

However, the weekly chart presents a more cautious picture. Bitcoin's rebound from roughly $62,000 carried price toward $80,000, but it remains below the declining 50-week weighted moving average, which sits just above the current market around the low-$80,000 region.