BTC/USD outlook: Bulls regain control and look for retest of new record high
|Bitcoin surged almost 5% on Monday and rose to the highest since March 14, after fresh bulls cleared psychological $70000 level and Fibo barrier at $70735 (76.4% retracement of $73839/$60688 correction).
New record high ($73839) came to focus again after Monday’s rally peaked at $72750, adding to growing signals of an end of corrective phase.
Close above former lower platform at $71500 zone to confirm strong bullish stance, though near-term action is expected to remain biased higher as long as the price stays above $70000, which became support again.
Fundamentals continue to work in favor of Bitcoin, as timing of rate cuts by major central banks is still unclear and depending on a number of factors and geopolitical outlook is deteriorating.
Eventual break of $73839 pivot to bring bulls fully in play and open way for acceleration towards $75000 zone.
Res: 70000; 70735; 71000 72406
Sup: 70735; 70000; 68815; 67264
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