The price of Bitcoin has been on a roller coaster ride lately. It has soared from $58,000 to $71,000, but the bulls’ momentum seems to have weakened, and the price has fallen back below $67,000. There are multiple factors behind this rise, which also indicate that Bitcoin may reach new heights.

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However, just like the market reaction after the launch of the spot BTC ETF, the market also fell after the launch of the spot ETH ETF. But don’t forget that BTC’s price soared after a mid-term adjustment. Therefore, there is reason to believe that Bitcoin may have a similar rebound after the recent spot ETF approval.

It has been a bullish week for the cryptocurrency market, with many events having a positive impact on the market. However, these effects seemed to be limited to the top coins, and now the trend seems to have turned. The Bitcoin price hovered below $70,000 for a few days, looking like it was gathering strength for the next breakout. Then, it boldly broke through this price level.

First, let’s look at the daily chart of Bitcoin, which shows that the price is still trading under bullish momentum, so the recent pullback is actually a good opportunity to accumulate. BTC price has touched the lower support area and has triggered a strong rebound with the target of reaching $71,500.

Then, we look at the MACD indicator, which does not show particularly significant buying pressure as the indicator's levels are about to undergo a bearish crossover. However, the RSI indicator shows a bullish divergence, which may mean that the rebound has more strength to maintain at higher levels. However, due to low trading volume, the price may remain in a consolidation state for a while.

For Bitcoin to reach $74,000, it needs to break through two key barriers, one is $71,500 and the other is $73,605. At the same time, depending on the trading setup, the level around $72,500 may also become a key support or resistance point.

Now, the BTC price has surged above $70,000, but to sustain this rally, a daily close above $70,800 is necessary, which could push the price higher and surpass the first target.

The upcoming monthly close will be crucial for the Bitcoin price as it may further determine whether the cryptocurrency can reach $74,000. This is an important moment to watch.

Bitcoin price finds support

The daily line of the big cake continues to close positively as expected, and it is best to rush up to the 70750 line. Today, we will focus on the support strength of the intraday support line 68900. It is worth emphasizing that the overall K-line of the daily line and the macd volume form a sign of top divergence. We should be alert to the repair of the top divergence pattern of the daily line in the future. The short-term four-hour Bollinger began to close, and the price was running in the rising channel. The short-term support strength focused on the vicinity of 69000. The macd volume energy conversion of long and short energy on the attached chart is frequent. It is recommended to pay attention to the top and bottom conversion support below to 67800 to arrange long orders. The price continued to fall in the hour. After the macd long and short conversion of the attached chart indicator, the fast and slow lines formed a high dead cross and diverged downward. The bottom support focused on the 67300 line.

The price of Bitcoin has recently made a new move, and it has started a new round of rise from the $68,000 support area. The BTC price has not only broken through the $69,000 resistance level but also further entered the positive zone.

Bitcoin managed to break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair.

Moreover, the pair also broke the $70,000 resistance area and the price reached a high of $70,600. However, the price has recently corrected downward and fell below the $70,000 level.

Moreover, the price also fell below the 50% Fibonacci retracement level of the upward move from the $67,971 swing low to $70,600 high. This means that Bitcoin price might now be experiencing some corrections after a period of gains.

However, the bulls are currently active near the same trend line. They are protecting the 61.8% Fibonacci retracement level of the upward move from the $67,971 swing low to $70,600 high.

Bitcoin price is currently trading above $69,000 and the 100 hourly simple moving average. If there is a fresh increase, the price is likely to face resistance near $70,000. The first major resistance is likely to be $70,600. The next key resistance is likely to be $71,200.

A clear break above the $71,200 resistance could push the price higher. In this case, the price could rise and test the $72,000 resistance. Any further gains could sink BTC towards the $73,200 resistance.

Also, if Bitcoin fails to break out of the $70,600 resistance zone, it is likely to continue its decline. An immediate support on the downside is near $69,000.

The first major support is at $68,500. The next support is currently forming near $68,000. If the price declines further, it could drop to the $66,500 support area in the near term.