The bullish momentum remains strong as most cryptocurrencies have returned to positive territory, according to data from CoinStats.
Bitcoin (BTC) has experienced a 3.12% increase in its value over the last 24 hours.
Examining the hourly chart, Bitcoin appears to face local resistance near $71,467. However, traders should pay close attention to how the daily candle closes before making any conclusions.
If no correction occurs, a breakout above this level could lead BTC toward testing the $72,000 range.
Looking at longer time frames, the critical resistance sits around $71,673. Should Bitcoin break through this point decisively, it may gather enough momentum for an upward push toward $75,000 within the coming week.
From a medium-term perspective, Bitcoin’s price is still distant from key levels. Investors ought to monitor an intermediate threshold at approximately $74,434. A weekly close above this mark might trigger a rally aiming for as high as $80,000.
At present moment of writing this report, Bitcoin trades around $71,036.