Bitcoin's Rebound Hits Resistance at $79,000

Bitcoin's price has bounced back from $76,370 to near $78,329 after buyers intervened overnight, leaving the market in an interesting position.

The rebound was real, but so is the resistance immediately overhead at around $79,000, which has repeatedly kept buyers from getting comfortable.

On the 1-hour chart, the price move looks like a classic V-shaped recovery, with sellers pushing it down to $76,370 before buyers came out swinging and driving it up to $78,329.

The market has since backed away toward $77,800, but hasn't surrendered much of the rebound, keeping the short-term structure constructive.

However, the 4-hour chart shows a bigger wall waiting upstairs at around $79,000, which would put the September 11 wick near $79,837 directly in the crosshairs and make roughly $79,800-$80,000 the first obvious area where traders could start taking money off the table.

The daily chart tells a completely different story, with all that short-term excitement looking smaller compared to the larger chart's consolidation between roughly $76,000 and $82,000.