Bitcoin Bulls Rebound from $76K Support

The Bitcoin price held above $76K and has begun to show signs of recovery after a recent dip. The bulls have successfully sent the price back up, but it's unclear whether this is just a fakeout or a genuine attempt to reestablish the bull pennant.

According to TradingView, if the bulls succeed in thrusting the price back inside the pennant formation, a decision will soon be made about whether to break through to the upside and challenge the $79K horizontal resistance or continue down towards $73K or lower.

The daily time frame shows a strong rebound of the price into the pennant formation, with momentum indicators looking good for supporting a continuation of the rally. The Stochastic RSI indicator lines are about to hit bottom, which could help the price climb up to the key overhead resistance.

However, in the weekly time frame, a shooting star candle is still sitting at the top of a towering green candle, signaling that the previous bullish momentum may be fading and the bears could take control. To negate this candle, the price would need to rise above the top of the upper wick.