Will Bitcoin price reach $70,000 again?

Since entering the month of May, the price of Bitcoin has witnessed high volatility, as the currency’s fluctuations increased clearly and its price reached the support level of $56,500, which raised speculation that it would be difficult to return again to the price and level of $70,000.

However, in the past few hours, the price of Bitcoin has returned to the important support level at $60,000, and the currency is currently trading at $63,000.

A notable event that influenced market dynamics was the recent split in the Bitcoin mining reward price, which took place on May 20, where mining rewards shrunk from 6.25 to 3.125 BTC.

This event directly affected the dynamics of supply and demand, and contributed to the current fluctuations of the Bitcoin price.

Market sentiment:

Despite the prevailing bearish sentiment, speculators are striving to rebuild momentum, pushing the price above the psychological level of $60,000.

Analyst Peter Brandt indicates the possibility of forming a continuation pattern that supports the bull market if the price of Bitcoin continues to rise.

Technical analysis draws attention to the readiness for a large liquidation that could exceed $1.19 billion if the price of Bitcoin exceeds the next resistance levels.

The “IntoTheBlock” platform offers a chart showing financial entry and exit, which identifies a historical accumulation area between $61,770 and $63,583, which reinforces the support for the Bitcoin price at these levels.

However, failure to break through the resistance points could push prices lower again towards $55,500.

Current expectations point to the possibility of a rise towards $70,000, supported by the RSI indicator showing renewed upward momentum.