🚨🚨😳😂$BTC to 70,000$ Cross in that month?😳😳🚨🚨🚨😳

Bitcoin Bears Trapped: Can BTC Price Surpass $70K by August?

Bitcoin's price has confirmed a trend reversal after June's month-long downtrend. But can it reclaim the $70,000 mark before the end of summer?

### Bitcoin's Bullish Reversal

Bitcoin (BTC) has rebounded from its over-one-month downtrend, with technical analysis from a prominent crypto trader confirming the reversal. Pseudonymous market analyst Moustache noted in a July 16 post on X:

“Bitcoin is back above one of the most important bull market lines (blue line). In previous cycles, it NEVER fell below it until the cycle top (monthly close). This is a strong sign that the bull market is far from over.”

Adding to the bullish sentiment, CryptoQuant analyst Axel Adler pointed out in a July 16 post that the selling pressure from long-term Bitcoin holders has ceased:

“At the $61.6K level, the selling pressure from Long-Term Holders, which lasted 7 months, ceased.”

After an 11% increase over the past week, Bitcoin's price is now back above the 200-day exponential moving average (EMA), a key trendline for maintaining bull markets. The 200-day EMA is a long-term indicator that measures the health of an asset's price based on the average closing price of the past 200 days.

### Path to $70,000

Bitcoin received a nod from BlackRock CEO Larry Fink this week, further boosting its prospects. Based on current technical chart patterns, Bitcoin could reclaim the $70,000 mark by the end of August if the current uptrend continues.

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