BTC must break $72K for trend reversal, says analyst

While Bitcoin is attempting a short-term rebound, a significant trend reversal is only possible if it breaks through the $72,000 to $75,000 resistance zone, CryptoPotato reported. The analysis noted that BTC is currently trading below its 100-day and 200-day moving averages on the daily chart. These moving averages are acting as strong resistance between $71,000 and $75,000, and selling pressure is likely to remain dominant until this area is reclaimed. Recently, BTC successfully rebounded from the $60,000 support level as buying pressure emerged, and a bullish divergence on the Relative Strength Index (RSI) suggests the potential for a short-term rally. However, if it fails to overcome the initial resistance at $72,000, it could retest the $60,000 support. A break below this level could lead to a further decline to the next major support zone at $55,000, the report concluded.