Harish Vatnani, Head of Trade, ZebPay
“Bitcoin is currently trading around $78,448, following a sharp recovery from the $58,000-$60,000 levels. However, after reaching the $86,000-$87,000 region, the price faced strong selling pressure and entered a corrective phase. The daily chart indicates that BTC is currently consolidating after its recent rally, with price action showing some weakness in the short term. The immediate market structure remains cautious as buyers are attempting to defend the $76,000 region.
From a price action perspective, the $75,000-$76,000 zone is an important support area to watch. This zone could attract buying interest if the price continues to correct. On the upside, BTC faces immediate resistance around $87,000, where sellers have previously managed to push the price lower. A sustained daily close above $86,000 could indicate a bullish breakout and potentially open the door for a move towards $90,000-$92,000.
Looking at the broader structure, the ascending trendline formed during the September recovery remains an important reference for the bullish setup. As long as BTC maintains its position above the $74,000 support zone, the broader recovery structure remains relatively intact. However, a decisive daily breakdown below $74,000 could weaken the bullish outlook and increase the possibility of further downside towards $70,000, followed by $67,000. Traders should closely monitor daily candle closes around these key levels rather than relying on temporary price movements.
Overall, BTC maintains a cautiously bullish bias as long as the $74,000-$76,000 support zone holds. From a trading perspective, a gradual recovery from this support area could provide an opportunity to retest $84,000-$86,000, while a confirmed breakout above this resistance could strengthen the upside momentum towards $90,000-$92,000. On the other hand, a breakdown below $76,000 would require reassessing the bullish outlook. Therefore, it would be prudent to wait for confirmation through price action and trading volume before taking directional positions.”
