Bitcoin (BTC) is currently finding support in the $77,000 range, aligning with a significant trendline that dates back to 2020.
This trendline, marked on the chart, has consistently held as a support level during major price corrections.
As of March 2025, Bitcoin is testing this critical area, with the price hovering near $77,312.78.
The current market scenario is setting up for a potential rally, especially considering that the price has recently dropped to levels close to the Fibonacci 0.5 extension, around $77,474.78, which historically serves as a solid foundation for further upward movement.
Bitcoin’s price action shows a classic pattern of finding support at key Fibonacci levels.
The 0.5 Fibonacci extension has recently acted as a key point of consolidation, with Bitcoin bouncing back from this level multiple times in the past.
The $77,000 range is crucial for Bitcoin’s next move. If Bitcoin can maintain this support, a recovery toward higher targets, potentially up to $144,000, could be expected.
The chart reveals that the price is currently positioned near the 0.5 Fibonacci extension, which is generally seen as a major support level.
This level is roughly 13% lower than the current all-time high, reinforcing the notion that this is a significant price zone for future price action.
Looking at the chart, it is clear that Bitcoin’s price is in a major bullish trend, underpinned by a series of rising trendlines.
These lines have guided Bitcoin’s upward movement since its previous low, and the current price action is showing signs of respecting the trendline at $77,000.
Bitcoin’s upward momentum could soon accelerate if it holds this level and begins to break through key resistance zones.
The price above the trendline at the Fibonacci extension level of $144,000 would be the next major target.
A decisive break above this resistance zone would likely open the doors for even higher prices in the coming months.
Bitcoin’s volume has seen some fluctuations, with lower trading volumes during price corrections, signaling that there is not enough selling pressure to break through critical support levels.
The current lower volume is actually providing a hint that there is room for a move upward, as selling pressure has decreased.
If the volume increases alongside price movement above the $77,000 support level, this would validate the bullish sentiment in the market.
The market is still far from over, with many expecting further upward movement once Bitcoin surpasses its immediate resistance zones.
Bitcoin’s price is holding crucial support at $77,000, and the chart suggests that this is a pivotal level for the next move.
If Bitcoin maintains this support, there is a high likelihood of pushing toward the next Fibonacci extension at $144,000.
The current market structure indicates that Bitcoin is still in a bullish phase, with significant upward potential.
Traders and investors should keep an eye on the $77,000 support and look for a breakout above resistance levels for further price action toward new highs.