Market data from TradingView showed Bitcoin gaining roughly 5% during the session, pushing BTC/USD to its highest level in nearly a month. Momentum accelerated during Asian trading hours, with price moving through several notable technical reference levels, including the 200-week exponential moving average (EMA) and the previous 2021 all-time high near $69,000.

Lars Kooistra, known as The Composite Trader on YouTube, commented that the market may be reaching the final stage of what he described as an “extremely extended accumulation schematic.” “Right now it is decisional time, we have an extremely extended accumulation schematic which usually causes two potential scenarios: Aggressively close above the range high = search for buyside liquidity. Deviate the range high followed by bearish break = full bearish reversal towards the lows,” he told X followers.

Trader Alan Tardigrade pointed to a possible support flip involving a downward-sloping trend line on the daily chart. “The journey to new ATHs for $BTC has begun. Altcoins will outperform,” trader Moustache added, adopting a more optimistic interpretation of the latest price action.

Macro uncertainty remains in focus

Despite the price movement, macro-focused analysts remained cautious due to uncertainty surrounding geopolitical developments in the Middle East. Market participants have been particularly attentive to potential disruptions to global oil flows through the Strait of Hormuz, which has recently been closed.

“The world will likely come together to force Iran to open the Strait of Hormuz if this drags on,” trading firm QCP Capital stated in its latest Market Color report published Wednesday. The firm also noted that Bitcoin’s recent performance may reflect strengthening risk appetite among investors.

“Energy is the input that keeps modern industry, and the AI supply chain, running. When it is disrupted, the impact shows up quickly in inflation expectations, manufacturing confidence, and risk pricing,” it wrote. “We do expect further turbulence in markets in the week ahead, but we are watching strength in Bitcoin which may prove an early tell for risk appetite turning more broadly.”

Sources:

https://cointelegraph.com/news/bitcoin-price-nears-one-month-high-as-bulls-propel-btc-toward-72k

https://x.com/el_crypto_prof/status/2029126237650661519

https://x.com/Larskooistra_/status/2029124546637250595

https://www.qcpgroup.com/insights/qcp-market-colour-4/

https://www.tradingview.com/symbols/BTCUSD/