Analysis: BTC likely to test 100-day MA support around $72K

According to an analysis by CryptoPotato, Bitcoin is likely to retest support at its 100-day moving average (MA) around $72,000. This comes after BTC failed to break through the upper boundary of its ascending channel and the horizontal resistance at $80,000 on the daily chart. The outlet noted that BTC is currently consolidating at a point where technical support and resistance levels intersect. If Bitcoin can maintain a daily close above $75,000, the ascending channel structure would remain intact, potentially paving the way for a move toward $80,000. On the 4-hour chart, the lower support of an uptrend line that began in early April has been broken. While this has weakened short-term upward momentum, a resumption of the uptrend toward the $80,000 target is possible if the $74,000-$75,000 support zone holds, CryptoPotato explained.