Bitcoin price nears one-month high as bulls propel BTC toward $72K

[kim]

Bitcoin
BTCUSD
passed $71,000 on Wednesday as geopolitical tensions fueled ongoing volatility.

Key points:

Bitcoin price action teases a fresh breakout after failing to hold $70,000 since January.

Analysis sees the end of a large “accumulation phase” now in play.

Geopolitical nerves stay focused on oil and the Strait of Hormuz embargo.

Bitcoin suddenly jumps 5% after tense February

Data from TradingView confirmed 5% BTC price gains on the day, taking
BTCUSD
to its highest levels in almost a month.

Strength suddenly entered during the Asia trading session, with price crossing key trend lines including the 200-week exponential moving average (EMA) and old 2021 all-time high at $69,000.


Commenting, Lars Kooistra, known as The Composite Trader on YouTube, eyed the culmination of an “extremely extended accumulation schematic.”

“Right now it is decisional time, we have an extremely extended accumulation schematic which usually causes two potential scenarios: Aggressively close above the range high = search for buyside liquidity. Deviate the range high followed by bearish break = full bearish reversal towards the lows,” he told X followers.
Trader Alan Tardigrade, meanwhile, revealed a potential support flip involving a downward-sloping trend line on the daily chart.
“The journey to new ATHs for $BTC has begun. Altcoins will outperform,” trader Moustache added, adopting an even more bullish interpretation of recent price action.

“This is a picture-perfect retest of the 2021 all-time high.”

BTC price “strength” on macro radar

Macro-based perspectives were cautious amid a lack of certainty over how tensions in the Middle East could play out next.

As Cointelegraph reported, markets were particularly concerned about the fate of oil traffic through the now-closed Strait of Hormuz.

“The world will likely come together to force Iran to open the Strait of Hormuz if this drags on,” trading company QCP Capital predicted in its latest Market Color analysis released on Wednesday.

QCP acknowledged that Bitcoin’s newfound “strength” could signal the return of risk-on sentiment.

“Energy is the input that keeps modern industry, and the AI supply chain, running. When it is disrupted, the impact shows up quickly in inflation expectations, manufacturing confidence, and risk pricing,” it wrote.

“We do expect further turbulence in markets in the week ahead, but we are watching strength in Bitcoin which may prove an early tell for risk appetite turning more broadly.”

source: https://www.tradingview.com/news/cointelegraph:c8ab8d2b8094b:0-bitcoin-price-nears-one-month-high-as-bulls-propel-btc-toward-72k/