Bitcoin is surging. In just a few hours, BTC jumped 6% to near $73,000, its highest level in nearly a month. A strong signal in a still very turbulent macroeconomic context. Is this the start of a true bullish reversal?
No one really saw it coming. In the middle of Wednesday’s Asian session, with no particular signals in traditional markets, bitcoin suddenly took off, 5% in a few hours, $71,756 on the clock, according to TradingView. A level BTC had not touched in nearly a month.
But it is not just a simple number. This rally was accompanied by the simultaneous crossing of two levels the market had been watching for weeks:
Two crossings in one session. Enough to give weight to the rise.
For Lars Kooistra, a trader known on YouTube as The Composite Trader, this movement marks the completion of “an extremely extended accumulation phase.”
Two scenarios now open: either an aggressive close above the high range triggers a liquidity hunt on the buyer side, or a false breakout leads to a bearish reversal toward the lows. The market is at a turning point.
Trader Moustache is frankly optimistic: “The journey to new all-time highs for BTC has begun. Altcoins will outperform.”
And the hours that followed seem to prove him right. At the opening of the American session, bitcoin surpassed $72,000, then nearly reached $73,000 in session, an unprecedented level for several weeks. At the time these lines were written, BTC was trading at $72,890. The movement does not weaken. And the market holds its breath.
While the technical signal is encouraging, the global context remains tense. Since the closure of the Strait of Hormuz to commercial ships, traditional markets have been living to the rhythm of geopolitical news. Oil is soaring, inflation is rising again, and the Fed maintains a wait-and-see stance, all factors that weigh on risky assets, bitcoin included.
QCP Capital, in its latest Market Color note, however, nuances this dark picture. The trading firm recognizes that bitcoin’s “new strength” could well signal a return of risk appetite in global markets. It warns, however, that new turbulences are expected next week before a possible more general reversal.
As QCP reminds us, energy remains the pillar of the global economy. Its disruption mechanically affects inflation, business confidence, and asset valuations. Bitcoin, often presented as a safe haven, still has to prove itself in this role compared to gold, which has already largely benefited from the tensions.
At $72,000, bitcoin plays a decisive role. Buyers have regained control, technical levels have been crossed, and accumulation signals point to a bullish continuation. However, as long as the Middle East remains under tension and the Fed maintains its course, every green candle will have to be earned. The next move will say it all.
