Bitcoin is currently trading above 74,300. On the chart, the short-term market has ushered in a clearly noticeable upward surge. The root cause is that news of the second round of negotiations in the US–Iran conflict came out last night, bringing expectations that geopolitical tensions will ease, which directly led to a surge in inflowing market funds and a blowout breakout pattern.

Returning to the technical chart, you should note that previously I clearly reminded everyone that the 70,500 level connects to the lower boundary of the small-level upward channel. Coupled with Fibonacci 0.5’s dual support, it has the conditions for a rebound and a push higher, and the market also, as expected, probed the resistance of the bear-market trendline.

At this stage, the price has already reached the upper boundary area of the small-level upward channel. In the short term, 75,000 is the first pressure-and-resistance checkpoint. Next, the previous high at 76,000 continues to weigh on the bulls. In the structure of the larger cycle, the key resistance of the bearish flag pattern’s upper boundary is concentrated at 80,000, and resistance layers upon layers are clearly visible.
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