Bitcoin has continued to perform strongly over the last 24 hours, and we now have 4hr acceptance above $72k. $73k is proving to be 4hr resistance, which is towards the top end of my short zone earlier this week. As you can see from the orange box, this was the bottom end of a short-term 4hr range mid-March. This resistance is probably the last hurdle in the way of a move towards $75k - $76k for a previous month high retest.
Bitcoin is still very much in the same situation as yesterday- above $72k continues to be 4hr resistance whilst any testing in the $70.4k area has provided support.
CPI data coming out within the next hour I will be looking to see if we get a BTC range break of $72k or $70k today.
Bitcoin continues to face resistance from the $72k area as we had been expecting for some time. Yesterday I mentioned that I would be looking for a reaction if $70.3k (Monday High) was retested and, although it wasn't retested cleanly, there has been a good reaction from $70.4k so far.
For now, it is simple, break above the $72k - $73k zone and $76k is on the table. Close below the Monday High and I will be watching for $69.2k.
Yesterday I mentioned the importance of $69.2k for Bitcoin, where there are a number of key levels including 2021 ATH and 4hr EMA200. Notice how after a 4hr candle close above this, the retest gave a perfect reaction before a push towards $70.3k to set the Monday High.
Since this, BTC has accepted back under $69.2k, and this has become resistance on the last two 4hr candles. If this level is not reclaimed, this could lead to a deeper retest towards $67.1k where the CME Gap is still open. If BTC reclaims $69.2k, then the next areas to target would be $70.3k (Monday High) and $72k.
We also need to keep in mind that Trumps deadline for Iran is approaching. This can cause volatility later.