Bitcoin Holds Support at $76,000 as Key Resistance at $77,200 Looms

Bitcoin is holding steady above the $76,000 range but has yet to reclaim the weekly high of $77,200. Whether it can break through this resistance will determine the direction of a potential rebound.

According to TokenPost PRO's weekly price heatmap as of 11:00 AM KST on April 17, the strongest area of trading concentration (POC) is around $77,200. This represents the most heavily traded price range over the past week and reflects where market participants have concentrated their average purchase prices.

Currently, Bitcoin trades near $76,364, moving below the key POC. The weekly trading range stands between $74,900 and $79,900, with short-term price action likely to test this dense trading zone for direction. On the upside, a thick supply zone forms between $76,800 and $77,400, with $77,200 being particularly significant as the first major resistance to overcome in any rebound.

On the downside, a dense trading area exists between $75,500 and $76,300. If Bitcoin stabilizes within this range, it could serve as short-term support. For the 24-hour heatmap, the strongest concentration (POC) is around $75,900, with current price near $76,364 slightly above this POC.

Bitcoin currently trades at $76,364, down approximately 39.41% from its all-time high of $126,038. This represents a slight increase in the drawdown compared to last week's 39.25%. The price is now at about 61% of its previous peak.

Since the April 20, 2024, fourth halving event, Bitcoin has risen approximately 19.6% from the halving-day price of $63,850, maintaining a higher level than during the halving period. From the cycle low of $15,770 recorded on November 21, 2022, after 1,396 days, Bitcoin has surged about 384%, continuing to show strong gains despite significant corrections from previous highs.