• Bitcoin breaks a 7-month resistance level, signaling potential for a sustained rally beyond $70,000.

• Bullish MACD crossover confirms growing buying pressure, aligning with Bitcoin's recent breakout above $65,000.

• Bitcoin support holds near $62,000, while resistance targets between $70,000 and $75,000 are now within reach.

Bitcoin is testing a critical resistance level, attempting to break through a 7-month barrier. A weekly close above this could indicate a shift in market momentum. The bullish movement is supported by several technical indicators, notably the MACD, which has recently turned positive. This development signals potential for further price increases if momentum continues in the coming days.

Key Resistance and Breakout Potential

Bitcoin has been hovering around a resistance level near $65,000 for several months. This level, which has been tested repeatedly, could be broken, leading to further gains. The latest weekly candlestick shows a strong bullish move, confirming potential upside momentum. 

Source: Titan of Crypto

The price has closed above the resistance, suggesting further increases. Notably, this breakout is aligned with a trendline that has held the price down for an extended period. A successful breach of this resistance may lead to a sustained rally toward $70,000 or beyond.

Technical Indicators Suggest Bullish Momentum

The MACD indicator is showing a bullish crossover, which is often a strong signal of a potential upward trend. The MACD line has moved above the signal line, reflecting growing buying pressure. 

Additionally, the histogram bars are transitioning from red to green, indicating that momentum is favoring buyers. The breakout is further supported by a pattern of higher lows, suggesting an upward shift in market sentiment. Bitcoin’s price now shows signs of potentially rallying beyond its current resistance.

Support and Resistance Levels in Focus

Current support is around $62,000, which has been tested multiple times before the recent breakout. Bitcoin has now moved beyond $65,000, and the next key resistance lies between $70,000 and $75,000. 

However, if the bullish momentum continues, Bitcoin may challenge these levels in the near term. The strong technical indicators and low selling pressure suggest that the current bullish trend may persist as long as external market conditions remain favorable.