Bitcoin's Rise Towards $72,000

In anticipation of a potential major breakout, Bitcoin is steadily rising toward the $72,000 mark. After successfully breaking through the upper limit of its prior declining channel, Bitcoin has maintained its position above this level, which is encouraging and may signal additional upward momentum.

By holding support above the upper limit of the long-standing descending price channel that characterized a large portion of its recent movement, Bitcoin has demonstrated its resilience in the current price action. This move above earlier resistance might now serve as a level of support, possibly creating the framework for an ongoing upward trend. If Bitcoin can hold above this crucial barrier, it might be preparing for a more noticeable upward move.

A psychological milestone would be reached if Bitcoin were to reach $72,000, strengthening the momentum it has gained in recent months. The argument for this upward continuation is supported by the technical indicators currently in use, such as moving average alignment. Maintaining upward pressure will depend on Bitcoin's ability to remain above the 50-day and 100-day moving averages, which are trending upward and supporting bullish sentiment.

On the daily chart, the RSI indicator is consistently displaying momentum without reaching overbought levels, indicating potential for additional growth. Bitcoin must hold above the short-term support levels at $65,000 in order to confidently aim for $72,000. As a former resistance, this support level might offer a strong foundation for Bitcoin to test higher levels without being immediately pressured to sell.

This article was originally published on U.Today