Bitcoin continued its rally on the final trading day of the week, surging past the $73,000 mark shortly after the U.S. markets opened. The renewed momentum in recent sessions has fueled bullish sentiment among investors, with many now setting their sights on further gains.
Technical indicators signal potential upside
Earlier in the week, a bearish formation that had appeared on the daily chart was invalidated, clearing the path for further upward movement. Bitcoin managed to break through the crucial resistance around $70,000, posting a gain of nearly 7% and reaching its highest level in six weeks at $73,300.
The rise has been bolstered by mounting trading volumes, lending a firmer foundation to Bitcoin’s upward move. In addition, the price reclaimed key support levels after moving above the 200-week, 20-day, and 50-day exponential moving averages.
The chart also features a prominent symmetrical triangle pattern that, if the breakout continues, could pave the way for a broader upward trend. In such scenarios, it is common for the price to move by the height of the triangle’s range.
Based on current technical analysis, Bitcoin’s upward potential may extend toward $87,000, which would represent a roughly 20% increase from present levels.
A positive divergence seen in the relative strength index underlines a gradually strengthening momentum over the past two months. However, the 100-day moving average, located near $75,400, is emerging as an important resistance level in the short term.
The $80,000 zone emerges as a key resistance
On-chain data show that over the last six weeks, Bitcoin moved sideways in the $60,000 to $70,000 range. Efforts to stay above $72,000 during this time were not sustained.
A risk indicator shared by Glassnode points to a strong supply barrier between $78,000 and $80,000. As these levels align closely with the average costs of many holders, they could trigger renewed selling pressure.
The $78,000 to $80,000 band is considered a critical threshold. Should the price enter this region, more investors may choose to lock in gains near their cost basis.
On the other hand, the area between $72,000 and $82,000 is characterized by lighter supply, suggesting that Bitcoin may have more room to move freely within this band in the near term.
Historical data also reveal significant buying activity in the $82,000 to $85,000 range, where approximately 1.3 million BTC previously changed hands.
Meanwhile, data from Polymarket show that investors have grown more optimistic for April. The probability of Bitcoin reaching $80,000 this month has climbed to 26%, while the chance of crossing $75,000 stands at 76%.
