Bitcoin's price is witnessing a significant rally as it trades above the $72,000 mark, showing a strong inclination to surpass its previous all-time high of $73,500. The cryptocurrency has shown a considerable increase of over 5%, showcasing bullish trends in its trading behavior.
The price is comfortably trading above $70,500 and is supported by the 100 hourly Simple Moving Average, suggesting a bullish future for Bitcoin. This refurbishment is also strengthened by a connecting bullish trend line with support placed firmly at $69,000.
Recent movements have pushed Bitcoin beyond the critical $71,200 resistance level, surging to new heights above $72,000 with momentum observed above $72,500. A high was recorded at $73,574, indicating consolidation of recent gains.
Market dynamics suggest that if this rally continues, Bitcoin could challenge and potentially surpass the $73,550 resistance zone. Further movement could see resistance at $74,200 and possibly reach $75,800, invoking a further test of $76,500 if gains persist.
However, if Bitcoin struggles to clear the $73,500 resistance, it might undergo a correction with immediate support near $71,650 and major support situated at $69,500, allowing market participants to anticipate fluctuating consolidation phases.
This potential downward journey could see Bitcoin testing the $68,500 zone or even $67,200, but the current bullish momentum provides a strong buffer against these minor corrections.
