Bitcoin Recovery Stalls Near $77,000 Resistance

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

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Recovery Base Formation: Bitcoin has established support above $76,500, pushing the price past this level, with analysts noting that this movement reflects cautious optimism in the market, potentially laying the groundwork for further gains.
Resistance Level Analysis: The current price faces resistance at $77,050, and a breakthrough at $77,450 would signal a regain of control by bulls; conversely, failure could lead to a drop towards the $75,000 support level.
Cautious Market Sentiment: Although momentum indicators suggest a slight edge for bulls, the recent market volatility and ETF outflows totaling $1.26 billion have pressured traders to approach attempts near $77,000 with caution rather than conviction.
Future Price Forecast: Forecast models indicate Bitcoin's price may approach $77,463 in the coming days, and if a daily close exceeds $78,000, it could open pathways towards $79,000 and eventually $81,500.

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Technical Analysis for OP

Technical Sentiment Analysis for Optimism (OP). As of , Optimism (OP) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for OP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, OP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Optimism (OP) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.105	0.113	0.121	0.129	0.137	0.145	0.152
Fibonacci	0.113	0.119	0.123	0.129	0.135	0.139	0.145

About OP

Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum.Optimism is one of the biggest scaling solutions for Ethereum with over $500 million in TVL. It is home to 97 protocols, the biggest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM. Users can begin their journey on Optimism by adding the chain on their Metamask and bridging tokens like ETH to the L2. On May 31, 2022, Optimism conducted a highly anticipated airdrop of its OP token.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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