Bitcoin is consolidating gains after a strong upward move, with the digital currency holding above the $70,500 zone. Analysts note a bullish flag pattern forming, suggesting the uptrend remains intact and could lead to further gains above $71,650.
The cryptocurrency rallied above $72,200 earlier, reaching a high of $72,728 before a slight correction. However, bulls stepped in above $70,000, maintaining trading above the 100-hour simple moving average. Immediate resistance is observed near $71,650, with a close above this level potentially pushing Bitcoin towards $72,000 and subsequent targets.
Conversely, failure to break above $71,650 could see Bitcoin retest support levels around $70,300 and $70,000. Major support remains at $68,800, a breach of which could challenge near-term recovery prospects.