Bitcoin traders flag bullish checkmate near $76,000

Bitcoin is trading at $75,865, down 0.41% on the day, as two crypto traders point to emerging bullish signals on short-term and long-term charts. The asset is currently confined to a tight range between $75,645 and $75,979, representing a 0.4% daily range following a week of volatility that knocked the price back to the $76,000 level.

4-Hour Chart Shows Compression

Crypto trader Cheds Trading shared a technical analysis on X highlighting a potential “bullish checkmate setup” on the 4-hour chart. The chart displays a large red capitulation candle that erased the early-November rally, followed by a series of small-bodied candles moving sideways near the lower Bollinger Band. According to the analysis, selling momentum has faded, volume has dropped, and the price has stopped making meaningful new lows.

This compression following a sharp decline often indicates that sellers are exhausting their pressure. If buyers enter the market, the tight range could resolve with a sharp move to the upside. Short-term indicators support this view, with the hourly technical summary reading “Buy” and flashing “Strong Buy” signals, showing seven buy signals against just one sell signal.

Nine-Year Trendline Reclaimed

Part-Time Trader, who has tracked a specific long-term trendline for months, posted on X that Bitcoin has reclaimed this nine-year support line. The trendline connects major cycle lows, including the 2018-2019 bottom, the March 2020 crash, and the late-2022 bear market low. The trader stated that this reclamation is one of the reasons he has flipped bullish on crypto, projecting a fresh leg higher toward new all-time highs.

However, Part-Time Trader noted that he expects the rally to ultimately disappoint, with altcoins outperforming and Bitcoin collapsing when the global debt bubble pops. For now, holding above this long-term support line keeps the bullish structure intact. The broader context shows Bitcoin is down 25.8% over the past year, with a 52-week range spanning from $57,833 to $107,461, though it remains up 16.8% over the past three months.

Key Price Levels and Indicators

Technical signals vary across different timeframes. The 30-minute and hourly charts show Strong Buy and Buy signals, respectively, while the 5-hour and daily charts remain at Strong Sell. The weekly and monthly timeframes are currently neutral. On the hourly chart, the RSI sits at 49.4 in neutral territory, while the CCI at 109 and Williams %R at -28 flash buy signals. The Stochastic RSI is at 80.4, indicating overbought conditions, and the MACD is slightly negative at -32.

Bitcoin is trading on top of its short-term moving averages, with the hourly 5, 10, and 20-period MAs providing immediate support between $75,811 and $75,864. The first hurdle overhead is the hourly 50-period EMA near $76,108. Above that, the 100 and 200-period MAs form a key resistance zone between $76,647 and $77,410. A clean break above $77,400 would confirm the checkmate setup and open the path toward $78,500 and the $80,000 to $82,000 range. On the downside, pivot supports sit at $75,859, $75,756, and $75,696, with a break below $75,000 exposing the $74,000 liquidity zone.