Bitcoin has been on a wild ride lately, with its price surging higher from its key support zone after a decline in wave ((y)) of wave 2. According to an Elliott Wave analysis, Bitcoin's rally from the March 29 low concluded as wave 1 and the market corrected in wave 2, unfolding as a double three structure.
The cryptocurrency extended lower in wave ((y)), subdividing into a zigzag structure. From the wave ((x)) high, wave (a) ended at $77,614, followed by a modest rally in wave (b) that concluded at $78,573. The final leg, wave (c), dropped to $76,072, completing wave ((y)) of wave 2 at a higher degree.
Buyers responded at the blue box support zone, defined by the 100% to 161.8% Fibonacci extension of wave ((w)). This level has proven to be a turning point for Bitcoin, with the price extending its rally as long as the pivot at $76,072 remains intact.