There is still resistance at $72,000 (7-June) and ~$74,000 (14-March).

Bitcoin is now at $71,500 resistance, way above the 29-July peak price which sits at $70,050. We have a higher high on a daily basis, what now?

Moving above 70,000 is definitely a major milestone and a bullish development but we would need confirmation first. It can happen that Bitcoin pierces above this level today, moves up for a few days and comes crashing back down...

The week is only getting started...

➢ If Bitcoin can stay above $70,000 by the end of the week, we can say that this resistance level has been conquered and we have a higher high and the first one in three months.

➢ If Bitcoin moves a little while above $70,000 but then move back down, we would say we have a failed breakout or bull-trap and this would give further strength to the bearish case (the upcoming correction and market crash).

We have a move above 70,000 but trading volume is still very low. Volume is the foremost confirmation signal. Low volume = weak move.

Since the month is ending this week, we can look for both a weekly and monthly close above 70,000/71,000 to get a bullish confirmation.

If Bitcoin fails to stay above this level, it means that the current rise is part of the previous inverted correction.

👉 We continue bearish on Bitcoin.