BTCUSD Rises on Dovish Central Banks and Pro-Crypto Remarks from Trump

BTCUSD surged on Monday, climbing 2.8% by early US trading, buoyed by dovish positions from major central banks and comments from Republican presidential candidate Donald Trump, who pledged more favorable regulations for the crypto industry.

The renewed strength pushed Bitcoin above the psychological $70,000 barrier for the first time in a month and a half. However, this level may present significant resistance as the market appears overbought, and bullish momentum on the daily chart is waning.

Any minor dips should ideally remain above the $68,500 support zone to maintain the broader bullish trend and provide better re-entry points for the bullish market.

A firm break above the $70,000 level would target key resistance at $71,930 (the May 21 / June 6 double top).

Caution is advised if BTCUSD dips below $67,495 (the broken 76.4% Fibonacci retracement), which would expose the lower pivot at $66,713 (daily Tenkan-sen).

Res: 70000; 70445; 71000; 71649
Sup: 68500; 67788; 67495; 66713