Bitcoin Breaks Back Above the $70,000 MarkBitcoin / U.S. DollarFOREXCOM:BTCUSDFOREXcomDuring the past two trading sessions, Bitcoin (BTC) has once again posted a significant gain in the short term. Over this period, the cryptocurrency has advanced by more than 11%, reinforcing a meaningful bullish bias across the market. Buying pressure had already begun to strengthen as investors continued to price in a scenario in which the Federal Reserve is likely to keep interest rates unchanged over the coming months. This has been supported by a recent decline in bond market yields, an asset class that often competes with higher-risk markets for capital flows. However, bullish momentum accelerated even further after Donald Trump asked Congress to speed up progress on the CLARITY Act, an effort aimed at establishing a clearer regulatory framework for the digital asset industry. The development has helped improve market confidence, and as long as these factors continue to support investor sentiment, buying pressure around Bitcoin could remain relevant in the coming sessions. Bullish Move Begins to Gain Relevance Recent price action has been particularly significant for Bitcoin's daily chart. The latest buying momentum has allowed the cryptocurrency to break above the long-term descending trendline that had dominated price action for several months, reducing the importance of this bearish pattern as the market's primary technical structure. In addition, Bitcoin has also managed to move above the 200-period simple moving average, a development typically viewed as an additional sign of strength. If buying pressure remains stable in the sessions ahead, a new short-term bullish trendline could begin to emerge and gain importance over the coming weeks. However, it is also worth noting that the speed of the recent rally may be signaling a temporary excess of buying pressure. MACD: The MACD histogram continues to trade comfortably above the zero line, suggesting that the average strength of short-term moving averages remains supportive of a bullish bias. As long as this behavior persists, upward momentum could continue to play an important role in the near term. RSI: The RSI is showing a similar pattern, although with an additional signal worth monitoring. The indicator remains above the 70 level, which corresponds to overbought conditions. This could be warning of excessive recent buying pressure and may open the door to short-term bearish corrections. Key Levels to Watch $75,200: This area represents highs not seen for several months and stands as the most important resistance level on the chart. Price action that manages to break above this level could reinforce the dominant bullish bias and even open the door to a more aggressive bullish trend in the coming sessions. $67,100: A nearby support zone that coincides with the 200-period simple moving average. This level could become the most important technical reference to monitor should short-term bearish corrections begin to develop. $64,500: A major support area that aligns with significant retracement levels from previous weeks as well as the 50-period simple moving average. Price action that falls back below this level could reactivate stronger selling pressure and restore relevance to the long-term downtrend that dominated Bitcoin's behavior in previous months. Written by Julian Pineda, CFA, CMT – Market Analyst