Bitcoin experienced a lot of upside over the past 2 days, and needs a healthy correction today. There has already been some downside since yesterday’s daily candle close, and BTC is trading near a $75k resistance level. I think BTC is trying to flip $75k from resistance into support, and a bullish rebound is currently forming. If this rebound is not successful my next key support level is at $73.5k near previous all time highs. For now I would monitor to see if BTC can hold above $75k for a break or rejection.

The bullish rebound is looking great so far. BTC has spiked up by $1,000 within an hour. We are approaching the most bullish part of the cycle where there will be a lot of upside. Between Election Day and Inauguration Day BTC tends to experience a bullish rally. Next year will be even more bullish and the best part of the cycle where Bitcoin goes parabolic.

BTC has formed a very bullish rebound today, and briefly approached $77k. I think $75.7k is turning into a support level, and BTC could start to rally to $82k. The markets have been very strong from the US election and 25 bps rate cut, we will see if this bullish momentum persists for the rest of the week and next week.

Bitcoin’s daily candle looks bearish, the price is still trading above the yellow resistance line for now. I think there could be a selloff in the next daily candle, which opens in about 1.5 hours. I would keep an eye out for this scenario. BTC would need to hold above $75k to over the next 24 hours to avoid a drop.

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