The recent price movement of Bitcoin (BTC) has captured the attention of investors and traders, especially as it has shown remarkable resilience above the $70,000 resistance zone, leading it back into bullish territory.

Surpassing $70,000 will be marked by a decisive breakthrough through the $71,000 threshold, eventually reaching a peak near $71,539. This peak is significant not only as a numerical milestone, but as evidence of the enduring appeal of BTC and investor optimism.

However, after reaching this point, the market witnessed a natural correction, with prices slightly dipping below the 23.6 percent Fibonacci retracement level from the recent spike from the swing low of $68,468 to the high of $71,539.

Bitcoin is currently trading strongly above the $70,000 mark, demonstrating strength above the crucial 100-hour SMA indicator. This is complemented by the formation of a crucial bullish trendline, offering support around $70,200 on the 1-hour BTC/USD chart, signaling continued bullish momentum.

According to NewsBTC's report, the cryptocurrency will face immediate resistance near $71,200. Overcoming this could see Bitcoin testing the $71,500 resistance zone.

Successfully breaking through this barrier could trigger a significant rally, potentially expanding beyond the $72,500 resistance zone, with a focus on the $73,500 mark as the next major resistance level.

Likelihood of further upward movement is enticing for investors, hinting at the potential for substantial short-term gains.

However, the market remains cautious, aware of the inherent volatility in crypto trading. If the price of BTC fails to rise above the $71,500 resistance zone, it may lead to another retracement.

The nearest support in case of a downturn is around the $70,200 level, closely aligned with the current bullish trendline. Stronger support is found at the $70,000 mark, coinciding with the 50 percent Fibonacci retracement from the recent uptrend.

The next support point is positioned in the $69,200 range, which, if breached, could see prices drop to the $68,000 region.

Further decline has the potential to push Bitcoin to the $66,500 support zone, underscoring the importance of these technical levels in shaping short-term market dynamics. Let's observe.