Bitcoin Rebounds from $76,500 Support Zone, Faces Weekly Resistance
Bitcoin has defended its support zone at $76,500-$77,000 on the daily chart, but weekly resistance and a developing bearish RSI divergence leave the broader recovery unconfirmed. The current rebound is still favored by the daily chart, while the weekly chart remains blocked by resistance.
The $80,000-$82,300 range marks a significant barrier for Bitcoin's recovery, with a move above this range required to confirm a trend reversal. A hidden bearish RSI divergence on the weekly chart adds caution to the rebound, as momentum improves but the price fails to produce a higher high.
Bitcoin is currently trading near $78,400 after successfully defending its support zone at $76,500-$77,000. However, a daily close below this level would lose both the rounded Fibonacci level and the lower boundary of the wider support zone, with the 38.2% retracement near $73,000 becoming the next key level.