Bitcoin price continued its rise with the opening of the US markets on the last trading day of the week, rising above the $ 73,000 level. Purchases that have gained strength in recent days have led investors to have upward expectations again.
Technical indicators give bullish signals
The bearish formation that formed on the daily chart at the beginning of the week has become invalid. Bitcoin broke through the resistance line around $70,000, gaining nearly 7 percent and reaching a six-week high of $73,300.
The fact that this movement is supported by the increase in transaction volume indicates that the rise is on a stronger ground. At the same time, the price regained important support levels by moving above the 200-week, 20-day, and 50-day exponential moving averages.
The symmetrical triangle formation, which stands out in its graphic structure, may offer a wider upward area if the upward breakout continues. In such formations, the price is expected to move as much as the height of the compression range.
According to the current technical chart, Bitcoin’s upside potential may extend to the $87,000 level. This indicates a target of approximately 20 percent above the current price.
The positive mismatch observed in the relative strength index also shows that there has been a gradually increasing momentum in the last two months. However, in the short term, the 100-day average around $75,400 stands out as an important resistance.
The $80,000 region stands out as strong resistance
On-chain data reveals that Bitcoin has moved sideways in the $60,000 to $70,000 range over the past six weeks. During this period, attempts above $72,000 were not permanent.
The risk indicator shared by Glassnode shows that there is a strong resistance zone between $78,000 and $80,000. It is considered that these levels may create selling pressure since they are close to investors’ costs.
The range between 78,000 and 80,000 dollars is seen as a critical threshold. In case of increases towards this region, sales of investors who want to exit at a level close to the cost may increase.
In contrast, there is a lower density supply zone between $72,000 and $82,000. This indicates that the price may move more freely within this band in the short term.
The data also shows a heavy buying history in the $82,000 to $85,000 range. Approximately 1.3 million BTC previously changed hands at these levels.
On the other hand, Polymarket data reveals an upward change in investors’ expectations for April. While the probability of $ 80,000 increased to 26 percent, the probability of achieving the $ 75,000 target reached 76 percent.
