Bitcoin has recently surged past the $70,000 level, showcasing signs of resilience and potentially moving past the $73,500 resistance level. Currently trading above $71,000 and the 100-hourly Simple Moving Average, Bitcoin has managed to break through a significant bearish trend line, which previously posed resistance around the $68,450 level.
The recent rally saw Bitcoin price increase by over 5%, following a solid foundation built at the $65,500 support zone. This upward momentum was fueled, in part, by political dynamics, particularly the actions of former President Trump, which have provoked renewed interest in Bitcoin trading. The market observed a recovery above the critical $68,500 resistance, pushing the price upward and surpassing multiple Fibonacci retracement levels from past price movements.
Resistance is now anticipated around the $72,800 level, with the primary level of resistance positioned at $73,200. A decisive move beyond this level could trigger further bullish activity, with potential targets set higher at approximately $74,500. Achieving a close above this resistance line could lead traders to explore the possibility of Bitcoin reaching the $75,000 resistance, with further gains potentially extending towards the $78,000 milestone.
On the downside, failure to breach the $73,200 barrier may prompt a retreat in price, with immediate support identified at the $72,000 level. Should the decline continue, the first major area of support would arise around $71,200, followed by the $70,500 zone, with $70,000 marking a crucial level that could attract additional selling pressure.
Current technical indicators suggest a moderately bullish sentiment, as reflected by a growing MACD in the bullish region and an RSI that remains above the neutral level of 50, pointing towards sustained upward momentum in the short term.
