Bitcoin: Breakout Confirmed — Now Comes the Retest QuestionBitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisFollowing On From Our Earlier Bitcoin Analysis Following on from our earlier weekly analysis, Bitcoin has continued its explosive move higher, reaching a new significant high at $72,966. We highlighted that bulls still have plenty of work to do before the much more significant $82,850 area, and that remains the case despite the strength of this latest move. Bulls Have Smashed Through Resistance The speed of the advance has been impressive, with Bitcoin ripping through the stubborn $66,000 resistance area and pushing straight through the bearishly crossed 100/50-Period EMAs. Increasing buying volume has accompanied the move, adding further weight to the breakout. Momentum Is Becoming Stretched Nothing moves higher in a straight line, and after such an aggressive move in such a short space of time, a pullback would be perfectly normal. RSI and StochRSI are now both overbought, increasing the chances of some cooling or consolidation. Can $66,000 Flip Into Support? If a pullback does develop, the former resistance around $66,000 becomes an obvious area for bulls to defend. Holding this zone and successfully turning former resistance into support would add further credibility to the breakout and provide a stronger platform for another push higher. A Failed Retest Would Raise Questions A decisive move back below $66,000, particularly alongside increased selling volume, would change the complexion of this move considerably. It would weaken the breakout and raise the possibility that this explosive advance ultimately proves to be one huge bull trap. In Summary Following on from our earlier Bitcoin analysis, bulls have continued their explosive advance, reaching $72,966 after smashing through $66,000 and the 100/50-Period EMAs. The move deserves respect, but momentum is now overbought and a pullback would be perfectly normal. If one comes, $66,000 becomes the area to watch. A successful retest would strengthen the breakout, while a decisive move back below on increased selling volume would raise the possibility of a major bull trap.