Bitcoin Nears Monthly High as Market Turns Optimistic, $72K in Sight

Bitcoin price has rebounded strongly, approaching a one-month high as the market braces for a push through the $72,000 level. Previously, BTC made multiple failed attempts to break $70,000 and has been trapped in a consolidation phase since January. Now, technical analysis widely suggests this long-duration accumulation may be winding down, with buyers regaining control.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView Despite persistent geopolitical risks centered on Middle East oil supplies and the Strait of Hormuz, sensitivity to risk assets is quietly rising. In late February, Bitcoin rallied over 5% amid heightened tensions, drawing widespread attention.

BTC/USD daily chart, featuring the 200-week exponential moving average. Source: Cointelegraph/TradingView On the macro side, institutional investors are reassessing Bitcoin’s potential role. QCP noted that Bitcoin’s recent resilience could signal a resurgence in market risk appetite. Their analysis emphasized, “Energy is the foundational force powering modern industry and AI supply chains. Once energy supply is disrupted, inflation expectations, manufacturing confidence, and asset pricing will react swiftly.”

BTC/USD perpetual contract two-hour chart. Source: Lars Kooistra/X At the same time, crude oil volatility has intensified. The WTI crude chart shows marked short-term swings, further reinforcing the market’s focus on safe-haven and inflation-resistant assets.

BTC/USD two-week chart. Source: Moustache/X Technically, multi-timeframe charts show Bitcoin stabilizing at key support levels with gradually increasing volume, indicating healthy upward structure. While short-term retracement pressure exists, the overall trend remains tilted toward the bulls.

WTI crude three-day chart. Source: Cointelegraph/TradingView