Bitcoin is currently at an interesting juncture. I see that BTC is trading near $77.67K, but the technical picture still looks mixed. After bouncing off the support at $60,000, the price momentum is decent, but more confirmation is needed for a major rally.

Looking at the daily chart, Bitcoin is still below the 100-day and 200-day moving averages. The zone between $76,000 and $80,000 is the real test — that’s where old support lines have now turned into resistance. If BTC breaks through this level, a genuine rally could begin. If not, corrective pressure will persist. On the 4-hour chart, Bitcoin is in an ascending channel, indicating this is just a recovery phase, not a major reversal.

What’s interesting is the on-chain data. NUPL (Net Unrealized Profit and Loss) is now around 0.20 — well below the cycle top. This means the market has realized many paper profits. It’s a healthy sign, but doesn’t guarantee an immediate big move. Understanding the horizontal support and resistance is crucial — where the price repeatedly changes its stance, it becomes both support and resistance.

For buyers, holding the $64,000–$65,000 range is essential for the next upward move. If that also breaks, $60,000 will be at risk again. For now, until the $76,000 resistance is broken, it’s better to consider this bounce as just a temporary correction.