Bitcoin's Fate at $76K-$77K: Will Bulls or Bears Take Control?

Bitcoin's price has retreated to the $76K-$77K support zone after failing to break through the upper trendline.

The three-hour chart shows that this area is crucial for the August recovery, and holding it could trigger a rebound towards roughly $78,000, followed by the upper resistance area around $79,000-$80,000.

Wealthmanager describes this zone as a major decision point, arguing that a hold could produce a sharp bounce while a loss of support would expose Bitcoin to a more damaging breakdown.

The weekly chart presents a more cautious picture, with Bitcoin's rebound from roughly $62,000 still below the declining 50-week weighted moving average.

Rising U.S. Treasury yields and strengthened dollar are adding pressure to Bitcoin's support test, making it essential for price to hold above $76,000-$77,000 for a short-term rally to occur.