—touching its highest level since late May—after President Trump voiced support for the crypto industry at a White House event.

Trump urged Congress to pass the CLARITY Act, a bill regulating the crypto market structure that the industry has long championed but which had stalled in the legislative process. The President described cryptocurrency as a "financial technology capable of creating more jobs, opportunities, and wealth for all Americans" and stated that the legislation would "keep us ahead of China and everyone else." The event took place the day before the inaugural meeting of the CFTC’s Innovation Advisory Committee.

Following Trump's remarks, Bitcoin broke through several key resistance levels, climbing above $71,700 for the first time since late May. However, the rapid surge pushed a number of technical indicators into extreme overbought territory.

We asked WarrenAI—Investing.com’s smart chatbot—to analyze the 15-minute BTC/USD chart. Here are the key takeaways.

Technical Outlook

Bitcoin tested a high of $71,815, but indicators signal a parabolic rise accompanied by dangerous overbought conditions. The RSI reached 79.11—an "overheated" zone historically associated with a very high risk of correction. The price broke above the upper Bollinger Band ($71,107), showing a +2.1% deviation from the middle line. The MACD remains bullish (424.25 versus a signal line of 244.21), but momentum is stretched to the limit. The price is trading above the Ichimoku Cloud ($69,930–$70,354), indicating a bullish trend, though the driving forces are beginning to wane. Key Levels

Support: $70,506 (38.2% Fibonacci), $70,208 (50% Fibonacci and Kijun line—a key zone for a potential rebound), $69,822 (20-period moving average). Resistance: $71,800–$72,000 (recent high—a potential trap zone for late buyers).

The $70,506–$71,400 zone remains an area of ​​uncertainty; entering a trade without confirmation is risky.

Conclusion

Trump's statements gave Bitcoin a powerful boost to multi-week highs, but technical indicators warn that buying at the peak amidst extreme overbought conditions often leads to sharp pullbacks. Even a strong trend requires a pause. Optimal entry points for bulls are pullbacks to $70,500 and $70,200, where Fibonacci levels and the Kijun line converge. A breakout above $71,773 would pave the way to $72,160 and $73,034. A sharp drop in RSI and MACD would serve as the first signal that a correction is underway.