Bitcoin Tests $78K as Bulls Fight for Reversal

Bitcoin is trading at around $77,800 after holding above the $76,000-$77,000 area. However, the short-term structure still needs a stronger move above resistance to confirm a bullish reversal.

The largest crypto by market cap has struggled to regain $80,000 since falling from its late-August highs. BTC traded as low as about $76,300 on September 3 before recovering, while traders remained cautious ahead of US jobs data and the Federal Reserve's September 15-16 Federal Open Market Committee (FOMC) meeting.

Technical levels from several market analysts now place $77,000-$77,200 as the immediate support area. The first major test for buyers sits between $78,300 and $80,000.