Bitcoin maintained a seven-day run of green daily candles, closing above the key $72,700 barrier for the first time in over a month. The Fear & Greed Index remains in ‘Fear’ territory, indicating the rally is a technical relief bounce rather than driven by speculative euphoria. Bitcoin has reclaimed crucial long-term support levels, surpassing the 2021 cycle all-time high and the 200-week exponential moving average.
The Coinbase Premium Gap has turned positive for the first time in ten weeks, suggesting a resurgence in US demand for Bitcoin. CryptoQuant analyst IT_TECH_PL called the reading of +25.4 “the first consistent sign that American spot demand may be returning.” Open interest in all cryptocurrency markets increased by 8.43% to $407.32 billion, while Bitcoin-specific liquidations increased by 90% to $25.7 million.
CME Bitcoin futures moved back around $72,000–$73,000, following the expected gap-fill pattern. Near-term price action will depend on whether Bitcoin can maintain a hold above $72,000 and launch a significant challenge of the $74,000–$75,000 resistance zone. On the downside, Bitcoin would probably be vulnerable to a retest of $68,000 if it couldn’t hold $70,000 on a daily close basis, with the previous 2021 all-time high of $69,400 serving as the final significant line of defense. Although it is not the basic scenario, a longer correction might aim for the 300-week EMA around $57,100, with potential worst-case scenarios near $50,000.
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