Bitcoin Trend Hinges on $73,700 Support as Bulls Target $96,000 Mean Level
Bitcoin is trading near $78,000, with the key support level at $73,700 becoming the focal point for the current trend. According to analyst Ali Charts, Bitcoin has successfully reclaimed the -0.5 MVRV pricing band, which currently sits at $73,700. This level is now the pivot point for the market. As long as $73,700 holds as support, the objective is a return to the mean, currently around $96,000.
However, the same analysis places significant risk below $73,700. If Bitcoin loses this level, the bullish bottom case would weaken considerably. In that scenario, attention could shift back to the realized price near $55,000. For now, Bitcoin remains above the MVRV support band, keeping the recovery attempt active. However, buyers need stronger price action above nearby resistance to confirm the trend.
On the daily chart, Bitcoin was trading around $78,057, holding above the market swing low near $77,321. This shows that buyers are still defending the lower range. However, Bitcoin remains below its main Fibonacci recovery levels. The current chart uses a range from approximately $77,321 to $108,505. The nearest resistance sits near $85,804, matching the 0.786 Fibonacci retracement on the daily chart. A daily close above this level could improve the short-term setup, with traders then watching $89,233 and $91,919. Further resistance appears near $96,593, which aligns closely with the stated $96,000 mean target.
The MACD on the daily chart shows early improvement, with the MACD line above the signal line and the histogram positive, indicating better short-term momentum. However, the signal remains early, and Bitcoin still needs to clear resistance before a stronger recovery is confirmed. The RSI is near 63-64, showing stronger buying interest than earlier sessions, while remaining below overbought territory, giving price room to move.
