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  • BTCUSD jumps to a fresh 1-month high

  • The break above 50-day SMA improves technical outlook

  • Momentum indicators are heavily tilted to the bullish side

BTCUSD (Bitcoin) has come under significant buying pressure in the past few sessions, surpassing both its 50- and 200-day simple moving averages (SMAs). On Wednesday, the price stormed to a fresh one-month high a tad above the 66,000 handle before paring some gains.

Should Bitcoin edge up further, the bulls could attack the April resistance of 67,270. Even higher, the double top region of 71,955 might prove to be a tough barrier for the price to overcome. A violation of that territory could pave the way for the all-time high of 73,800.

Alternatively, if the latest rally falters, the price could reverse towards the May support of 60,150.  Sliding beneath that floor, Bitcoin may challenge the April bottom of 56,483. Should that hurdle fail, the decline could come to a halt at the recent four-month bottom of 53,520.

In brief, BTCUSD has been staging an impressive rebound in the past few sessions, reclaiming both its 50- and 200-day SMAs. However, the advance could face challenges ahead as the short-term oscillators are starting to provide overbought signals.