Bitcoin bears trapped, but can BTC price surpass $70K by August?

Bitcoin price has confirmed its price reversal, but can it reclaim the $70,000 mark before the end of summer?

Bitcoin price has confirmed the trend reversal after June’s month-long downtrend. Could Bitcoin recover above the $70,000 psychological mark until the end of the summer?

Bitcoin price reverts to bull trend — analyst:-

Bitcoin’s BTC $64,844 price has recovered from its over-one-month downtrend, according to technical analysis from one popular crypto trader.

Pseudonymous market analyst Moustache wrote in a July 16 X post:

“Bitcoin is back above one of the most important bull market lines (blue line). In the 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.”

In another bullish technical signal for BTC price, the selling pressure from long-term Bitcoin holders has stopped, according to analyst and CryptoQuant author Axel Adler, who wrote in a July 16 X post:

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

After an 11% increase during the past week, Bitcoin price is back above the 200-day exponential moving average (EMA), which is considered a key trendline to maintain above during bull markets.

The 200-day EMA is a long-term indicator used by analysts to measure the health of an asset’s price based on the average closing price of the past 200 days.

Can Bitcoin reclaim $70,000 next month?

Not only did Bitcoin get a nod from BlackRock CEO Larry Fink this week, but based on technical chart patterns, it could reclaim $70,000 by the end of August if the current uptrend continues.

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