Bitcoin price breaks through $70000 and rises to $71837

Bitcoin chart analysis

The price of Bitcoin unstoppably continues to conquer new peaks, climbing to the $71837 level today. We are very close to the $72000 level, and we can expect to reach it soon. We are in a strong bullish rush, and for now, there are no indications of a possible reversal and return to the bearish side. Potential higher targets are the $72000 and $72250 levels.

If the price of bitcoin stops at this point and begins to pull back, that would be the first sign for us to start a pullback. Next, we look at the $71,000 level as the first support. If that level cannot support us, the price will slip below the $70,000 level. That level could be a crucial point for the future long-term trend.

Do we go above $72000 this week or back to $70000?

Falling below the $70,000 level, we return to the weekend movement zone of the $68,000-$70,000 range. This morning, we already had one short-term bearish impulse to $67,000. A new visit to that level would significantly move us away from the $72,000 target. The EMA200 moving average is even lower in the zone around the $66500 level.

Bitcoin’s market cap increased by 2.65% in the previous 24 hours to $1.4 trillion. The volume jumped by 71% in the previous 24 hours to 48 billion dollars. The circulation of all Bitcoin coins rose to 19,651,181 today, which is 93% of the maximum supply.

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