Fintech
Will Bitcoin (BTC) price return to the $70,000 range? Will it top $74,000?
After the recent surge from $58,000 to $71,000, Bitcoin bulls were heavily drained, resulting in a fall below $67,000. The surge was fueled by multiple reasons, which should have led the rally towards a new ATH. But as happened after the launch of the BTC spot ETF, markets collapsed following the launch of the ETH spot ETF. however, the BTC price roared after an interim correction and hence, similar action is expected to have kicked in after the recent ETF spot approval.
It’s been a somewhat bullish week for the cryptocurrency markets, with many events turning out to be favorable. However, this only impacted the prices of the most important tokens, but the trend is now assumed to have reversed. BTC price consolidated just below $70,000 for a couple of days, likely to build strength. As a result, the cryptocurrency made a bold move above the levels. Now the question arises: will the bulls manage the gains or force the price to show another short-term rally?
The daily chart of Bitcoin above suggests that the price continues to trade under a bullish influence and so the recent pullback was an opportunity to accumulate some of that. Therefore, BTC price reached the lower support zone and triggered a strong rebound, with the intention of reaching the first target of $71,500. Furthermore, the MACD does not show 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 rally may remain high but due to lower volume, the price may remain consolidated for a while.
Overall, to reach $74,000, the price of Bitcoin must 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, BTC price has currently risen above $70,000, but sustaining gains requires a daily close above $70,800, which could further lift levels beyond the first target.
Therefore, the upcoming monthly close will have a major impact on the price of Bitcoin (BTC), as it may further decide whether the cryptocurrency will reach $74,000 or not.