Bitcoin surpassed the $70,500 resistance level, indicating a significant rise.
Positive indicators suggest BTC may gain bullish momentum, potentially breaking above the $72,000 resistance level soon.
A short-term rounding bottom reversal pattern is visible, signaling a strengthening post-retest rally for BTC.
Recent price action witnessed Bitcoin rebounding from a descending trendline, confirming its breakout from a descending triangle pattern.
In the 4-hour timeframe, BTC price breached the symmetrical triangle pattern.
Over the past four days, Bitcoin has seen a 5.40% increase with three consecutive bullish candles, nearing the $72,000 peak.
According to Coin Gabbar analysis, If the current pattern persists, Bitcoin's price prediction targets $74,000 initially, possibly extending to $88,000.
However, failure to breach the high could result in consolidation or a decline towards $66,000.
KEY LEVELS :
RESISTANCE LEVEL : $72,200-$74,000
SUPPORT LEVEL : $69,500-$68,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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