Can BTC Break the Resistance Zone of $71,213 This Time?

BTCUSD is currently bullish, nearing the significant resistance zone of $71,213. This resistance level has proven extremely challenging for buyers to overcome since their first attempt in March. The buyers have tested this zone five times so far. The current attempt appears somewhat unique, as the price first dipped to the demand zone of $52,884. Although the price fell just short of a perfect test of this zone by a few pips, it is now rallying from the dip with very strong momentum, backed by buyers from the discount zone driving the uptrend.

 

BTCUSD  Key Zones:

Demand Zones: $66,135, $59,459, $52,884
Supply Zones: $71,213, $80,000, $100,000

What Are the Indicators Saying?

To establish a bullish shift, three white soldiers emerged a few days after testing the supporting band of the Bollinger Bands, closer to the demand zone of $52,884. This repositioned the price above the moving average within the Bollinger Bands. The RSI (Relative Strength Index) indicates a bullish trend, with the slope of the trend showing a steep, aggressive drive in price towards the major resistance zone of $71,213, which may lead to a breakout. However, the RSI is on the verge of crossing into the overbought territory, signalling a potential exhaustion of buyers.

Given the current market structure, the continuation of the uptrend seems likely. The critical question remains: can BTC break the resistance zone of $71,213 this time?

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