- BTCUSD pauses pullback and rotates higher
- Conquers 70,000 but encounters strong resistance
- Momentum indicators are tilted to the upside
BTCUSD (Bitcoin) had been undergoing a strong pullback from its all-time highs, dropping to as low as 60,760 last week. However, the price quickly recovered significant ground, surpassing the 70,000 psychological mark and to trade within breathing distance from its all-time highs.
If bullish pressures persist, the recent resistance region of 71,750 could repel initial upside attempts. A break above that region could pave the way for the all-time peak of 73,800. Breaking above that zone, the price could enter uncharted waters, where the 75,000 round number might prove to be the next hurdle.
On the flipside, bearish actions could send the price lower towards the inside swing low of 67,170. Further declines could then cease at the recent deflection point of 60,760, which lies very close to the 50-day simple moving average (SMA). Even lower, the March bottom of 59,313 may act as the next line of defence.
In brief, BTCUSD seems to be in recovery mode despite encountering strong resistance in the last couple of sessions. Therefore, a break above the 71,750 barrier could bring the record high of 73,800 under scrutiny.
