Oil prices surge to two-week winning streak as Iran supply fears grip markets
Bitcoin’s breakout rally has carried the price straight into a historically important resistance zone that has triggered major moves in the past.
- Bitcoin breakout runs into a resistance zone.
- Level has triggered major moves before.
Bitcoin is looking increasingly interesting as a trading vehicle again, not least because the price action has been far more orderly than what we’ve seen elsewhere. In a week where geopolitics and the war involving Iran have triggered violent swings across multiple asset classes, the price has largely continued to respect known levels.
That was evident again earlier this week. After coiling in a symmetrical triangle for weeks, the price eventually broke higher, ripping through $70,000 and $72,000, levels that had effectively marked the upper boundary of that compression. The breakout was powerful, but the advance quickly stalled, running into a resistance zone between $73,500 and $74,500.
Source: TradingView
As the chart suggests, the area has plenty of history. The lower boundary repeatedly capped rallies back in 2024 before a powerful breakout finally occurred. When the market came under heavy pressure during the Liberation Day risk rout in April 2025, the price returned to the same region, holding firm and helping pave the way for an eventual run towards record highs. Even earlier this year during a major liquidation episode, the price was initially reluctant to push through it. But when it gave way, the break produced another explosive move, this time to the downside.
Given that backdrop, it’s no surprise the market is paying attention to the zone again. We’ve seen a modest pullback in Asia today, but with the price still camped beneath such an important level, it feels premature to assume the market is done with it yet. Another retest would not be surprising.
To be clear, the broader bearish structure remains in place with the price still trading well below the downtrend from the record highs. The negative slope in both the 50 and 200-day moving averages also continues to favour selling into strength.
If the resistance zone holds, $70,000, $62,600 and major support at $60,000 remain obvious downside levels to watch for those contemplating shorts. However, if the upper boundary around $74,500 gives way, the proximity of the 50-day moving average becomes important. A break above it, particularly on a closing basis, could act as a catalyst for renewed buying, bringing the November 21 low of $80,550 and October 2025 downtrend into play.
Momentum is also shifting quickly. RSI (14) has been trending higher with an acceleration this week, signalling upside pressure is now building. MACD is yet to confirm but is motoring towards positive territory after crossing above the signal line.
At the very least the bears appear to have lost control, leaving the market sending a broadly neutral message to traders: keep an open mind on directional risks while the price sits near such an important level.