On Tuesday (July 16), Zoltan Vardai wrote on the Cointelegraph website that Bitcoin prices have confirmed a trend reversal after a month-long decline in June. But can Bitcoin rise back above the psychological level of $70,000 before the end of summer?

Analysts say Bitcoin price is back in bull market

According to technical analysis from a popular cryptocurrency trader, prices have recovered from a more than one-month downtrend. “Bitcoin is back above one of the most important bullish lines (blue line). In previous cycles, it never fell below this line until the cycle top (monthly close). This is a strong sign that the bull run is far from over,” Moustache, an anonymous market analyst, wrote in a July 16 post on X.

Another bullish technical signal for BTC price is that selling pressure from long-term Bitcoin holders has stopped, analyst and CryptoQuant author Axel Adler wrote in a July 16 X post: “At the $616K level, the 7-month-long holder selling pressure stopped.”

After rising 11% in the past week, the bitcoin price is back above the 200-day exponential moving average (EMA), which is considered a key trendline maintained during the bull run.

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Can Bitcoin Reclaim $70,000 Next Month?

Not only did Bitcoin receive an endorsement from BlackRock CEO Larry Fink this week, but according to technical chart patterns, it could reclaim $70,000 by the end of August if the current uptrend continues.

However, prominent analyst Captain Faibik wrote in a July 14 X post that bulls first need to decisively retake the $60,000 mark: “Bitcoin bulls are once again attempting to break through the critical resistance level of $60,000. Once the breakout is complete, the next stop will be $70,000.”