Crypto: Bitcoin Price Nears One-month High As Bulls Propel BTC Toward $72k

BTC price upside returned during Wednesday's Asia trading session as Bitcoin attacked a long-term trend line and psychological levels.

Bitcoin (BTC) passed $71,000 on Wednesday as geopolitical tensions fueled ongoing volatility.

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.

Data from TradingView confirmed 5% BTC price gains on the day, taking BTC/USD 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.

Source: CoinTelegraph