Bitcoin surged past critical technical levels on Thursday, trading up three percent at around seventy-one thousand six hundred dollars by early morning UTC and breaking through its summer consolidation range. The move carried BTC above the key sixty-seven thousand dollar ceiling that had capped prices since June and pushed the cryptocurrency into its two hundred-day exponential moving average near seventy-one thousand five hundred dollars.
A confirmed daily close above this average would activate resistance targets at seventy-five thousand three hundred dollars, with a main upside objective at eighty-two thousand six hundred dollars representing a fifteen percent gain from current levels. This marks a dramatic reversal from the bearish outlook in July when analysts pointed toward a potential drop to forty-four thousand dollars. Wednesday’s candle was the strongest positive daily move since March, confirming Bitcoin has now reclaimed its fifty-day EMA and broken the descending trendline that defined the summer range.
Traders and brokers are watching closely as August closes to confirm the reversal on higher timeframes. A rejection would return focus to the broken sixty-six thousand seven hundred dollar support zone.
**
FXnCO Insight
** Watch for daily close confirmation above the two hundred EMA to validate long positions toward eighty-two thousand dollars, but remain cautious of rejection given May’s failed breakout at similar levels.
Source: Finance Magnates