Bitcoin Bounces Twice at the 0.786 Fib — But Is It Enough?Bitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisBuyers Defend the 0.786 Fib Bitcoin has now spiked into the 0.786 Fib around $76,815 twice, with buyers stepping in on both occasions. That makes this an increasingly important area of short-term support. Early Signs of a Recovery Price is beginning to show some bullish action off the lows and has pushed back into the bullishly crossed 100/50-period EMAs. RSI is also recovering towards 50, while StochRSI has crossed and is rising, and is now mid-ranging. But Volume Is Lacking The concern is that volume has been declining during the latest recovery. Buyers are defending support, but there is little evidence yet of strong conviction behind the move higher. Has Bitcoin Formed a Higher Low? The latest rebound raises the possibility that a short-term higher low is developing, but it is too early to confirm. Bitcoin still needs to break the sequence of lower highs before the structure meaningfully improves. $79,400 Remains the Big Test For me, $79,400 remains the level to watch. A break above that swing high would give Bitcoin a bullish change of character and provide the first convincing evidence that the short-term downtrend is beginning to reverse. In Summary Bitcoin has now bounced twice from the 0.786 Fib around $76,815, showing buyers are willing to defend the area. Momentum is beginning to improve, but declining volume on the recovery leaves some doubt over its strength. The latest move could be developing into a higher low, although confirmation is still needed. A break above $79,400 remains the key development bulls need to produce before the short-term structure can be considered meaningfully stronger.