Bitcoin (BTC) is showing a strong recovery after spending much of the recent period under selling pressure. As of August 23, BTC is trading around the $77,000 area, after reaching approximately $78,800 during the recent rally.
๐ Current Market Structure
The short-term structure has turned bullish. Bitcoin has broken above several important resistance areas and is now attempting to establish support at higher levels. Recent analysis identifies the $75,500โ$76,000 zone as an important near-term area that bulls need to defend.
The recent rally has also been supported by renewed institutional demand. U.S. spot Bitcoin ETFs recorded approximately $1.6 billion of net inflows from Monday through Thursday, with $606 million entering on Thursday alone.
๐ Important Levels to Watch
Resistance:
$78,000โ$80,000: Major immediate resistance zone
$82,000โ$83,000: Next potential upside target if BTC breaks and holds above $80K
$126,000 area: Previous major all-time-high region and a much larger long-term resistance zone
Support:
$75,500โ$76,000: Immediate support
$73,000โ$73,500: Important breakout/retest area
$69,000โ$70,000: Major structural support
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