Bitcoin (BTC) traded at $72,090.87, marking a 10.3% increase over a 24-hour period and a 12.5% gain on a longer-term reading. The upward movement pushed the asset into a price zone previously identified by a chart analyst weeks in advance.
According to an Elliott Wave technical breakdown, the move into the $69,000 to $72,000 range had been forecast in July following a prolonged sideways period. The Wednesday upward move was characterized as a third wave under Elliott Wave theory, which is typically the most aggressive phase of a rally.
The analyst noted that reaching the target does not guarantee an immediate reversal. The $72,100 level was identified as the next Fibonacci resistance point, with momentum potentially carrying the price higher before a larger pullback. On the downside, a break below $70,348 would suggest a more decisive top is forming, while a drop under $67,000 would signal that the recovery attempt is over. Additionally, an upside level of $83,000 was identified as the point that would technically invalidate the current bearish wave count entirely.
The wider cryptocurrency market also experienced gains alongside Bitcoin:
- Ethereum (ETH) climbed 17.8% over 24 hours to $2,291.30, bringing its 7-day gain to 20.5%.
- XRP rose 20.4% on the day to $1.25.
- Hyperliquid (HYPE) posted a 22.6% gain to reach $72.18.
- Solana (SOL) added 10.3% to trade at $86.83.
- BNB gained 6.2% to $645.00.
- Dogecoin (DOGE) increased by 11.2% to $0.07883.
