Bitcoin, after a bullish surge towards the $71K threshold, faced selling pressure leading to a slight bearish rejection. However, a robust support region could potentially lead to a renewed bullish move. The $72K-$74K price range has been a formidable resistance, halting several upward attempts. The 100-day moving average at $66K, on the other hand, acts as a crucial support region.

On the 4-hour chart, Bitcoin has formed a smaller wedge pattern near the upper boundary of $70K. If Bitcoin surpasses this boundary, it may indicate a prolonged bullish trend, targeting the key $74K resistance zone.

On-chain analysis reveals that whales, holding substantial positions, significantly impact price movements. The realized price of new whales has consistently acted as significant support for Bitcoin throughout the recent bullish trend. The realized price of new whales, approximately $62.8K, now serves as a key support region for Bitcoin buyers. This sentiment underpins a bullish outlook as long as the price remains above $62.8K.