Bitcoin Support Test at $76K-$77K: Will Bulls Hold or Break?
Bitcoin is facing a crucial support test around $76,000-$77,000 after sellers pushed the price back toward this key zone. According to Wealthmanager on X, this area has become increasingly important as price tests the lower edge of a descending channel after several days of compression.
A successful defense would keep the structure intact and could trigger a rebound toward roughly $78,000, followed by the upper resistance area around $79,000-$80,000. However, if $76,000 fails to hold, the chart offers less nearby structural support, increasing the risk that sellers push BTC toward lower price zones.
The weekly chart presents a more cautious picture, as Bitcoin's rebound from roughly $62,000 carried price toward $80,000, but BTC remains below the declining 50-week weighted moving average. MrTranquility argues that the rally should be treated as a bear-market recovery unless Bitcoin can reclaim that moving average.
Rising U.S. 10-year Treasury yields have added pressure to Bitcoin's support test, with yields climbing to about 4.81% on Wednesday as renewed U.S.-Iran tensions pushed oil prices higher and strengthened the dollar.