Bitcoin crosses $73,000, buyers regain control

Bitcoin is racing. In just a few hours, BTC jumped 6% to near $73,000, its highest level in almost a month. A strong signal, in a macroeconomic context that is still very turbulent. Is this the start of a real bullish reversal?

Bitcoin price nears one-month high

No one really saw it coming. In the middle of the Asian session this Wednesday, without any particular signal on the traditional markets, bitcoin suddenly took off, 5% in a few hours, $71,756 on the counter, according to TradingView. A level that BTC had not touched for almost a month.

But it's not just a number. This rally was accompanied by the simultaneous crossing of two levels that the market had been watching for weeks:

• The 200-week EMA, the long-term moving average that institutional investors scrutinize like a compass
• The $69,000, former absolute record of 2021, transformed into psychological support for millions of investors

Two crossings in a single session. Enough to give weight to the rise.

For Lars Kooistra, a trader recognized on YouTube under the pseudonym The Composite Trader, this movement marks the culmination of “an extremely extensive phase of accumulation”.

Two scenarios now open up: either an aggressive close above the high range triggers a buy-side liquidity hunt, or a false breakout results in a bearish reversal to the lows. The market is at a turning point.

Trader Mustache is frankly optimistic: “The journey towards new historic highs for BTC has begun. Altcoins will outperform. »

And the hours that followed seemed to prove him right. As soon as the American session opens, the bitcoin crossed $72,000then came close to $73,000 during the session, a level not seen for several weeks. At the time of writing, BTC is trading at $72,890. The movement does not weaken. And the market is holding its breath.

Macroeconomics and geopolitics, a sword of Damocles

While the technical signal is encouraging, the global context remains tense. Since the closure of the Strait of Hormuz to commercial ships, traditional markets have lived to the rhythm of geopolitical bulletins. Oil is soaring, inflation is rising again, and the Fed is maintaining a wait-and-see attitude, all factors weighing on risky assets, including bitcoin.

QCP Capital, in its latest Market Color note, however, qualifies this dark picture. The trading firm acknowledges that bitcoin's “new strength” could well signal the return of an appetite for risk in global markets. However, she warns that further turbulence is expected next week, before a possible more general reversal.

Because as QCP reminds us, energy remains the pillar of the global economy. Its disruption has mechanical repercussions on inflation, business confidence and asset valuations. Bitcoin, often presented as a safe haven, has yet to prove itself in this role against gold, which has already benefited greatly from tensions.

At $72,000, bitcoin plays a decisive role. Buyers have regained control, technical levels have been crossed, and accumulation signals point to a bullish continuation. However, as long as the Middle East remains tense and the Fed stays the course, every green candle will have to be earned. The next move will say it all.