Bitcoin targets $73,000 as crypto bounces despite shaky oil prices
Bitcoin's fresh breakout from the stock market is paying off around $73,000. The price of BTC is rising despite the fear of oil prices. As traditional assets fall, Ethereum, XRP and Solana are watching at a high rate.
Bitcoin climbed above $72,500 on Friday, extending gains ahead of the Wall Street open.
The cryptocurrency earlier broke above $72,000 after buyers pulled it out of the consolidation zone below $70,000.
The move comes as digital assets appear to have abandoned a broad selloff in stocks.
At the time of writing, Bitcoin was trading at around $72,518, up roughly 4% over the past 24 hours.
The peak inward rally came as Asian stocks tumbled and S&P 500 futures tumbled amid heightened geopolitical tensions.
Bitcoin rose as Ethereum touched the day's high near $2,157.
Other major altcoins, including XRP, Solana and BNB, posted gains around key price levels.
BTC eyes $73k
Analysts attribute BTC's resurgence in recent weeks to crypto's resilience, despite subdued sentiment following Israeli and US attacks on Iran.
While the war and the closure of the Strait of Hormuz threaten inflation amid rising oil prices, data on the chain suggests that whalers use it to store dip.
The crypto market has weathered the initial storm of the Iran war, and analysts are pointing to a new consensus from broader risk asset sentiment.
Amidst this potential rally, Bitcoin is targeting a near two-week high.
In the year After dipping to a low of $63,000 on February 28, BTC rose above $74,000 on March 4.
For four consecutive red days, bears pushed the bell paper crypto asset down to $65,000.
Since then, it has been on the daily chart as bulls attack the fifth green candlestick.
If that happens, a break above $73,000 could bring the $75k-$78k range into play.
The 100-day simple moving average may provide the next resistance zone at $81,162.
Why could BTC see a sharp pullback?
This negative outlook is consistent with geopolitical instability and weakness caused by global oil pressures.
According to analysts, higher prices will strengthen inflation and curb demand as production increases and the US dollar strengthens.
Meanwhile, BTC and crypto are also likely to face steep declines as investors discount the chances of an imminent Fed rate cut.
Glassnode highlighted this image with an X:
“A stock cluster is forming in the $62k-72k range. But the sustained expansion of strength is modest relative to past early levels. Conviction is building, but the foundation for a mid-term breakout is still thin.”
So investors can go for profit.
On the upside, immediate support is available at the $70,000 psychological support level. A more solid surface can be had with a preliminary minimum price of $66,250.
