Bitcoin (BTC) is making a steady push towards $72,000, as bulls aim to secure a weekly close above the $70,000 mark.
The cryptocurrency is on track for its highest daily close in over a week, with price action reclaiming a critical long-term support trend line on weekly time frames. Data from TradingView shows out-of-hours trading topping out just below the $72,000 mark before cooling. Now in line for its seventh consecutive green daily candle, BTC/USD is eyeing its highest daily close since March 4. Along with the $70,000 level, the price has also stayed above key long-term indicators: the 200-week exponential moving average (EMA) and the previous 2021 all-time high at $68,300 and $69,400, respectively.
Market Sentiment and Technical Analysis
Crypto trader Michaël van de Poppe noted on X that the recent correction on Friday was primarily due to risk-off sentiment, with traders avoiding positions over the weekend. However, he remains bullish, forecasting a slight pullback for CME gap closing but expects the market to continue grinding upwards towards resistances at $75,000 to $80,000.
“Markets are turning back upwards again, probably we’ll see a slight pullback later today for CME gap closing appetite, but other than that, I would assume we’ll continue to grind upwards to the resistances at $75-80K,”
Van de Poppe’s analysis aligns with the current price action, which has seen BTC/USD up by more than 8% on the week, with March gains at 6.7%.
Geopolitical and Macro Factors
Despite the positive price movement, geopolitical risks and macroeconomic factors continue to influence market sentiment. WTI crude oil is attempting to retake the $100 per barrel mark, reflecting ongoing global supply shocks. Crypto analyst Kyle Doops highlighted that while a relief rally could materialize if macro conditions were calmer, the current backdrop still presents downside risks. Doops identified a mid-term trading range for Bitcoin, bordered by the true market mean at $78,400 and the aggregate realized price of the current supply at $54,400.
“Every time price pokes above $70K, sellers show up. Not panic selling… just steady profit-taking,”
he summarized about lower time frames.
Conclusion
Bitcoin’s recent performance suggests a strong bullish trend, with key support levels holding firm. However, the ongoing geopolitical tensions and macroeconomic uncertainties could still pose challenges. Traders and investors should remain cautious and monitor both technical and fundamental factors as Bitcoin aims to break through the $72,000 resistance level. While the immediate outlook is positive, the broader market dynamics will play a crucial role in determining Bitcoin’s next major move.
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