Bitcoin Rally May Pause Before Next Major Move: Technical Charts Indicate

Bitcoin is currently trading near $77,000 after a sharp rebound, but two technical charts suggest that the rally may pause before its next major move.

A wave 4 triangle development on one chart places support at around $76,000 and upper resistance at $78,300. To strengthen the case for a fifth-wave advance above its recent high, Bitcoin would need to break through the $78,848 to $79,191 range.

However, if the price breaks below $76,000, it would weaken the triangle structure and shift attention to Fibonacci support at $75,169. The next downside levels stand at $72,560 and $70,518.

Another chart flags the 63,000-70,000 range as a key support zone for Bitcoin, with analyst Rod comparing its current four-day structure to the accumulation pattern that developed around the 2022 market bottom.