BTCUSD Climbs to a Near Four-Month High After Surging More Than 20% Over the Past Three Days

BTC/USD extended its powerful advance for a third consecutive session, rising more than 20% and reaching levels last seen in mid-May. The cryptocurrency is also on track to post its strongest weekly performance since the first week of December 2017.

The latest rally has been largely driven by U.S. Treasury measures aimed at supporting long-dated government bonds. Expectations that these measures could be expanded further, following comments from officials, helped trigger the largest inflow of capital into Bitcoin in nearly four months.

A decisive break above the 200-day moving average at 69,636 and the key psychological barrier at 70,000 generated strong bullish signals, fueling the recent acceleration higher. Bitcoin has now retraced more than 76.4% of the decline from 82,821 to 57,673, opening the way for a test of the 80,000 level and potentially the May 6 peak at 82,821.

However, some corrective easing cannot be ruled out in the near term, as traders may lock in profits ahead of the weekend and daily indicators remain in overbought territory following the sharp rally.

Any pullbacks are expected to remain limited and could offer fresh buying opportunities, provided the current fundamental backdrop remains supportive. Initial support is seen at 76,886, the former 76.4% Fibonacci retracement level, while a deeper correction should find solid footing above the 61.8% Fibonacci retracement at 73,214, helping preserve the broader bullish outlook.

Res: 79467; 80000; 82044; 82821
Sup: 76886; 74150; 73214; 70000