Bitcoin is showing strong upward momentum, approaching a 5% daily gain, as it flirts with key technical levels. At the start of the U.S. trading session, Bitcoin's price moved below the 200-week exponential moving average, signaling a potential upward trend. As the markets opened on Wall Street, Bitcoin climbed to $67,000, shaking off concerns over new U.S. tariff announcements.
One of the highlights of this price action is Bitcoin's resilience despite the U.S. Trade Representative Jamieson Greer's announcement of potential tariffs of 15%. Traditionally, such news could unsettle crypto markets, but Bitcoin appears largely unaffected this time around.
The cryptocurrency is nearing a critical long-term trend line—the 200-week EMA. Historically, losing this level of support has been a bearish signal. However, analysts like Rekt Capital emphasize the importance of closing the week above this line, currently at $68,330.
Another trader, Castillo Trading, is focusing on weekly charts and has identified an upside target near $74,500, which corresponds to Bitcoin's lows for 2025. Castillo Trading notes that maintaining support at the current level could lead to a favorable retest around $74,492.
In a parallel development, Bitcoin is showing a bullish divergence against gold, according to trader and analyst Michaël van de Poppe. As gold remains above $5,000 per ounce, van de Poppe notes a potential rotation of interest from gold to Bitcoin, based on the relative strength index (RSI). He suggests that while this divergence is not yet confirmed, Bitcoin's recent performance indicates a possible change in capital flows.
This potential shift challenges earlier market sentiments that Bitcoin had lost its edge as a 'digital gold' following declines from its October 2025 peak. With Bitcoin now showing signs of strength, the narrative may be shifting back in its favor.