Bitcoin (BTC) Price Rebounds to $70,000 Range?
Will it Break $74,000?
After the recent rally from $58,000 to $71,000,
Bitcoin bulls’ momentum was severely weakened, causing the price to drop below $68,000.
The rally was driven by a number of reasons that were expected to drive the price to new highs. But just as it was the case after the launch of the spot BTC ETF, the market also saw a drop after the launch of the spot ETH ETF.
However, the BTC price surged after a mid-term correction, so a similar trend is expected after the recent spot ETF approval. This week can be described as a bull market for the cryptocurrency market, with many events working in the market’s favor.
This affected the prices of only the top coins, but now the trend seems to have reversed.
The Bitcoin price consolidated below $70,000 for a few days, probably to gather strength. Therefore, the star cryptocurrency boldly broke through this level. Now the question is: will the bulls control the gains or force the price to make another short-term rally?
The daily chart of Bitcoin shows that the price continues to rise after the pullback, hitting the support area and rebounding, with the target pointing to $71,500. Although the MACD is about to cross bearishly, the RSI shows a bullish divergence and the rebound strength may continue. To reach $74,000, it needs to break through the two obstacles of $71,500 and $73,605.
At the same time, $72,500 may be a key support/resistance level. The current price is above $70,000, but the daily closing price must be above $70,800 to maintain the upward trend. The monthly closing has a significant impact on the price of Bitcoin and may determine whether it can reach $74,000.
What will happen next?
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