BTC/USD outlook: Bulls regain control and look for retest of new record high

Slobodan Drvenica Windsor Brokers

Bitcoin surged almost 5% on Monday and rose to the highest since March 14, after fresh bulls cleared psychological $70000 level and Fibo barrier at $70735 (76.4% retracement of $73839/$60688 correction).

New record high ($73839) came to focus again after Monday’s rally peaked at $72750, adding to growing signals of an end of corrective phase.

Close above former lower platform at $71500 zone to confirm strong bullish stance, though near-term action is expected to remain biased higher as long as the price stays above $70000, which became support again.

Fundamentals continue to work in favor of Bitcoin, as timing of rate cuts by major central banks is still unclear and depending on a number of factors and geopolitical outlook is deteriorating.

Eventual break of $73839 pivot to bring bulls fully in play and open way for acceleration towards $75000 zone.

Res: 70000; 70735; 71000 72406

Sup: 70735; 70000; 68815; 67264

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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