Bitcoin (BTC) surged to $72,000 on Wednesday, marking a significant rebound from the 50-day moving average (SMA). This technical level, once a resistance point, is now acting as support, according to data from TradingView.

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BTC/USD one-day chart with 50 SMA. Source: Cointelegraph/TradingView

Traders are cautiously optimistic, with Keith Alan, cofounder of Material Indicators, noting increased whale buying activity. However, a wall of sell orders just below $72,000 could pose a challenge. "Would like to see a rally to $78k, but we're starting to see ask liquidity stack just below $72k where there seems to be a bit of profit taking," Alan said.

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BTC/USDT order-book liquidity data with whale orders. Source: Keith Alan/X

Meanwhile, US stocks and gold also saw gains, with gold reclaiming the $4,500 mark. Michaël Van de Poppe, a crypto trader, commented, "Gold bounces upwards after taking the liquidity beneath the wick. Classic price action."

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XAU/USD one-day chart. Source: Cointelegraph/TradingView