Bitcoin has recently shown bullish momentum, creating optimism among traders and investors about a potential new all-time high. The cryptocurrency is approaching the $73,811 mark, raising the possibility of a breakout. With key indicators turning positive and market confidence growing, Bitcoin’s journey toward its record high could signify a significant upward trend.
After recovering from $65,082, Bitcoin's price has been strengthening. Trading above the 100-day Simple Moving Average supports the idea of surpassing the record level. The Relative Strength Index on the 4-hour chart, rising to 77%, suggests a bullish indicator that buyers control the market.
Additionally, on the daily chart, Bitcoin shows sustained upward movement, marked by several bullish candlesticks, keeping it above the 100-day SMA. The one-day RSI reaching 68% also indicates increased buying pressure, further supporting the potential for a positive trend.
Breaking above $73,811 could be a key turning point, strengthening bullish sentiment and potentially sparking a new wave of buying. However, failure to break this level may see Bitcoin decline towards $65,082, with further downward momentum possibly pushing toward $60,152.
