Bitcoin Price Rebounds Above $79,000 Amid Aggressive Buying

Bitcoin's price rebounded from its low of $77,603 on Tuesday and traded above $79,000 by early Wednesday. This sudden recovery has put bulls back in control in the short term.

The buyers stepped in aggressively after the initial drop to defend the price level. The hourly chart shows a clear uptrend with a visible ask wall near $79,500 and resistance at $79,742.

However, there is still resistance near $80,000 that needs to be broken for a broader breakout. A 4-hour close below $79,000 could put the recovery at risk and raise the prospect of another test near $77,600.