Technical overview – Bitcoin’s Week of Gains

Bitcoin’s Week of Gains: Bitcoin surged by more than 7% over the past week, demonstrating renewed bullish momentum. The upward trend was catalyzed by a significant break above $68,000, with a new bottom formation emerging on the daily timeframe above $64,000.

Aiming for All-Time Highs: The cryptocurrency’s price rally above $70,000 at the week’s start signals a strong push to challenge its all-time highs around $74,000. This return to bullish momentum suggests the market might be gearing up for the next rally.

Breakthrough Potential: The market stands at a crucial juncture at all-time highs. A successful breach of this level could significantly accelerate bullish momentum, propelling Bitcoin into a new phase of price discovery.

Key Support Levels: Short-term support is outlined at $69,000. Staying above this threshold indicates the persistence of strong bullish momentum, whereas a drop below would serve as an initial sign of weakness.

Long Term Outlook: The daily chart maintains a bullish outlook as long as Bitcoin’s price holds above $60,000. Only a break below this crucial support level would alter the long-term outlook.

Bitcoin Daily Chart

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