Bitcoin Pulls Back Below ₱4,329,475 ($72,728) as Bullish Flag Forms
Bitcoin has formed a bullish flag pattern on the hourly chart after retreating from a ₱4,329,475 ($72,728) peak. The pattern shows resistance at ₱4,265,302 ($71,650), with first key resistance at $72,000 potentially triggering a test of $72,800.
Key Takeaway
Bitcoin's ability to hold $70,000 after the $72,728 rejection will determine whether bulls can push toward $74,000.
Bitcoin retreated after hitting $72,728, now trading above $70,200 with the 100-hour moving average providing support.
The rally started from the $70,500 zone, pushing through $71,500 and $72,200 before forming that high. Price then corrected, breaking below the 23.6% Fibonacci retracement level measured from the $67,735 swing low to the $72,728 peak. Bulls stepped in above $70,000 to prevent further losses.
A bullish flag pattern is forming on the hourly chart with resistance at $71,650, according to Kraken data. The pattern typically signals continuation of an uptrend if price breaks above that level. First key resistance sits at $72,000, with a close above that potentially triggering a test of $72,800. Further gains could push Bitcoin toward $73,500 or even $74,000.
The hourly MACD is losing momentum in bearish territory while the RSI sits near the 50 level — neither strongly bullish nor bearish. Immediate support holds at $70,300, which aligns with the 50% Fib retracement from the recent swing move.
If Bitcoin breaks below that level, the next support zone appears at $69,650, followed by $69,000. The main support level to watch sits at $68,800 — a drop below that could make recovery difficult in the near term. Bitcoin also needs to hold above the $69,500 zone it climbed past during the earlier rally. Price is currently trading above both the $70,000 psychological level and the 100-hour simple moving average, keeping the short-term structure intact despite the pullback from $72,728.
This article was written based on reporting from NewsBTC.
