Bitcoin held firm above a newly established support around $77,000 on Thursday, despite repeated rejections below the $78,800 resistance area. Analysts say the broader uptrend remains intact, with short-term volatility framed as consolidation rather than a structural breakdown.
Price Holds Above Key Support
Following a brief dip under $78,700, the $77,000 zone has emerged as the primary defensive floor, according to market assessments from analyst Ultimae. The shift suggests recent selling has been absorbed, with $77,000 acting as a pivotal level for bulls to stabilize price action.
Traders are also watching Bitcoin’s position relative to key Exponential Moving Averages (EMAs). Holding above these averages indicates an attempt to base short-term momentum. If immediate support weakens, attention turns to $75,700 as the next area where liquidity may concentrate, followed by $73,500, a historically significant level for larger buyers.
Uptrend Framed as Consolidation
Despite the pullback, Ultimae maintains that Bitcoin’s higher-timeframe uptrend remains in place. The current range is viewed as a healthy consolidation phase; invalidation would require a decisive breakdown through the lower support band highlighted by the analyst. While a brief move toward $73,500 is possible, the base case remains for a recovery attempt so long as key supports hold.
Intraday Rebound After Triple Retest
On lower timeframes, Bitcoin rebounded by roughly $1,700 after a triple retest of a four-hour bullish order block, clearing resistance at $77,400. Analyst Qingtianbtc noted the subsequent move toward $78,300 and a test of a four-hour bearish order block as consistent with expected price behavior.
However, the analyst characterized the upswing as a relief rally rather than a trend reversal. The $78,300–$78,800 area is seen as a likely exhaustion zone before potential renewed selling pressure. A stronger resistance band sits at $78,800–$79,600, where a sustained breakout is considered less likely in the immediate term.
Key Levels to Watch
- Support: $77,000; $75,700; $73,500
- Resistance: $78,300–$78,800; $78,800–$79,600
- Momentum: Holding above key EMAs supports a basing effort for short-term trend continuation
Overall, the market remains range-bound beneath major resistance as participants weigh dip-buying interest against overhead supply. A clear break on either side of the noted levels is likely to define Bitcoin’s next directional move.