Bitcoin Price Rebounds to $78,650 as Bulls Eye $81K Target

Bitcoin's price has rebounded following a recent pullback, reclaiming ground to reach $78,650 per coin at 10:10 a.m. Eastern time. This rise marks a 1.8% increase over the last seven days and a 23.5% climb since July 30 against the U.S. dollar.

The day's trading volume has been significant, registering around $13.1, $13.9 billion across major venues. Despite the price surge, only a small amount of liquidations have occurred in the derivatives sector, with Coinglass.com stats showing that over the past day, $75.71 million in crypto shorts and longs have been liquidated.

Technicals indicate that bitcoin's uptrend remains intact, with its price sitting comfortably above the 20-day, 50-day, and 200-day moving averages. Oscillators like the daily relative strength index (RSI) are neutral, sitting at around 73, while the Stochastic is hovering slightly higher at 83.

The immediate resistance for bitcoin's price is in the $79,000 range, with a high above this area potentially restarting last week's rally and pushing prices forward. Near-term support is at $77,500, with deeper support around $68,000 to $69,000 near the 200-day averages.