Bitcoin's $77K Support and $79K Resistance in Focus as Traders Eye Breakout

Bitcoin is trading near $77,000-$78,000 as traders watch for signs that the latest consolidation may be nearing its end.

The one-hour and four-hour charts show Bitcoin compressing below resistance, with a bullish breakout scenario still intact unless price loses support and opens the door to $73,000-$75,000.

According to Follis, Bitcoin's current position is unattractive for fresh shorts, arguing that the cryptocurrency is trading directly into an established support area.

The one-hour chart shows buyers repeatedly defending the lower boundary of the recent range while resistance continues to cap rebounds near $79,000. This has created a well-defined range between support near $77,000 and resistance above $79,000.