Bitcoin (BTC) extended its climb above $72,000 and is now consolidating near $71,800 as traders watch whether the price can break through the $73,000 resistance level that could open the door to a fresh monthly high.
What Happened: BTC Tests Key Resistance
BTC is trading above $71,800 and the 100-hour simple moving average, with a bullish trend line forming at the $71,500 support level. The price cleared both the $71,200 and $72,000 resistance zones and moved past the 50% Fibonacci retracement of the drop from the $73,928 swing high to the $70,200 low.
Immediate resistance sits near $72,800, with the critical level at $73,000 — aligning with the 76.4% Fibonacci retracement of that same downward move. A close above $73,000 could push BTC toward $73,800 and potentially $74,000, with $75,000 as the next target beyond that.
On the downside, failure to clear $73,000 would likely send the price back toward $72,000 and the $71,500 trend line support. A deeper slide could test $71,200, then $70,350, with $70,000 acting as the floor below which near-term recovery becomes difficult.
Also Read: Boris Johnson Calls Bitcoin A 'Giant Ponzi Scheme' - Saylor, Ardoino And Back Hit Back
Why It Matters: Momentum Favors Bulls
Technical signals are tilting bullish.
The hourly MACD is accelerating in positive territory, and the RSI for BTC/USD has moved above 50 — both suggesting upward momentum remains intact. Major support holds at $72,000 and $71,500, while $73,000 and $74,000 remain the levels bulls need to reclaim.
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