Bitcoin breaks through $72,000; the ascending triangle pattern suggests a target of $80,000

Gate News message: On Wednesday, the price of Bitcoin rose 6.7%, reaching a three-week high of $72,379, driven by easing tensions between the U.S. and Iran and a drop in oil prices. During the Asian trading session on April 8, Bitcoin briefly broke through the $72,000 psychological level before retreating to $71,787. As of the time of writing, Bitcoin is showing strong upward momentum, with an ascending triangle pattern forming on the daily chart—an example of a typical bullish continuation signal.

Oil prices fell below the $100 level for the first time since the outbreak of the conflict. West Texas Intermediate crude dropped 16% to $94.7 per barrel, while Brent crude fell 15% to $92.8 per barrel. This eased market concerns about inflation and pushed cryptocurrencies and traditional assets to rise in tandem. Ethereum returned above $2,200, up about 7%. XRP, BNB, SOL, and Dogecoin also rose, and the total market capitalization of cryptocurrencies climbed to more than $2.52 trillion. Gold prices broke through $4,800, silver rose by nearly 8%, Japan’s Nikkei 225 index climbed 5.3%, and the Hang Seng Index rose 3%.

Trump announced a two-week pause of all military actions against Iran and agreed that Iran would open the Strait of Hormuz. Market risk-off sentiment clearly declined. This news provided support for Bitcoin and other risk assets. Technical indicators show Aroon Up at 92.86%, Down at only 28.57%, and the Chaikin Money Flow Index turning positive, indicating that investors are actively moving in.

The next key resistance level Bitcoin faces is $74,500, which aligns with the 38.2% Fibonacci retracement level. If it successfully breaks through, this price could test the breakout point of the ascending triangle at $76,000, and potentially push toward an $80,000 target. Conversely, if it falls below $69,000, the current bullish setup may fail, and investors need to watch for changes in support levels.

Overall, with Bitcoin supported by both geopolitical easing and market inflows, the uptrend remains continuous, and the upside potential in the short term is significant.