Bitcoin
Will Bitcoin (BTC) price return to the $70,000 range? Will it reach above $74,000?
After the recent rally from $58,000 to $71,000, Bitcoin bulls were heavily drained, resulting in a drop below $67,000. The rise was fueled by several reasons, which were expected to lift the rally towards a new ATH. But, as happened after the launch of the BTC spot ETF, markets plummeted after the launch of the ETH spot ETF. However, the BTC Price roared after an interim correction and therefore similar action is expected to have begun following the recent approval of the spot ETF.
It was a bullish week for crypto markets, with many events being favorable. However, this only impacted the prices of major tokens, but the trend is assumed to have changed now. BTC price consolidated just below $70,000 for a few days, likely to build up strength. As a result, the crypto star made a bold move above the levels. Now the question arises: will the bulls handle the gains or force the price to stage another short-term recovery?
The Bitcoin daily chart above suggests that the price continues to trade under a bullish influence and therefore the recent pullback was an opportunity to accumulate some. Therefore, BTC price reached the lower support zone and triggered a strong recovery, aiming to reach the first target of $71,500. Furthermore, the MACD does not present any specific buying pressure as the levels are about to undergo a bearish crossover. However, the RSI shows a bullish divergence, which suggests that the strength of the recovery may remain high, but due to lower volume, the price may remain consolidated for some time.
Collectively, to reach $74,000, Bitcoin price needs to overcome two crucial barriers, one at $71,500 and the second at $73,605. Meanwhile, levels around $72,500 could also act as key support or resistance depending on the trade setup. That said, the price of BTC has currently risen above $70,000, but to sustain gains, a daily close above $70,800 is needed, which could further push levels beyond the first target.
Therefore, the next monthly close will have a huge impact on the price of Bitcoin (BTC) as it could decide whether the crypto reaches $74,000 or not.