Ethereum

Bitcoin

Spot

<ul>
 <li>Since March 14, Bitcoin (BTC) has been trading between $65,000 and $70,000.</li>
 <li>If Bitcoin can hold above $69,000, it could trigger a rally to $70,600 and beyond.</li>
</ul>
Bitcoin (BTC) has showcased significant market fluctuations recently, reflecting mixed sentiment, among investors. Today Bitcoin’s price movements were influenced by the anticipation surrounding macroeconomic data and the impact of the <a href="https://thenewscrypto.com/blackrock-surpasses-grayscale-to-become-largest-bitcoin-etf-fund/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Spot ETF</a>. After briefly surpassing $70,501 on May 27, Bitcoin faced substantial support and dropped 5% in 2 days to $67,186.
Since reaching an all-time high of $73,750 on March 14, Bitcoin has struggled to maintain upward momentum above $71,500. Recent price action has shown BTC trading between $65,000 and $70,000, with bulls finding it challenging to push past resistance zones. The $69,000 level has become a critical battleground, with failed attempts to hold above it emphasizing its importance for bullish traders.
<h3 class="wp-block-heading" id="h-is-bitcoin-breakout-imminent">Is Bitcoin Breakout Imminent?</h3>
Despite these challenges, the daily price chart shows signs of potential recovery. Bitcoin’s relative strength index (RSI) indicates resistance around the $69,500 level, suggesting that any further price rally could find a solid base there. Additionally, <a href="https://thenewscrypto.com/goldman-sachs-calls-spot-bitcoin-etf-approval-a-psychological-turning-point/" target="_blank" rel="noopener noreferrer nofollow">institutional interest</a> continues to grow, bolstered by the approval of Bitcoin Spot ETFs and the listing of physically backed BTC and Ethereum exchange-traded products on the London Stock Exchange.
Market sentiment has also been on the rise following the resurgence in <a href="https://thenewscrypto.com/el-salvador-and-cathie-wood-collaborate-to-boost-bitcoins-role-in-financial-markets/" target="_blank" rel="noopener noreferrer nofollow">buying activity</a> among BTC whales. Since March, there has been a noticeable drop in buying interest, but the recent uptick suggests that the current price range is seen as an attractive accumulation zone.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="516" src="https://thenewscrypto.com/wp-content/uploads/2024/05/image-173-1024x516.png" alt="" class="wp-image-99524" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/image-173-1024x516.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-173-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-173-768x387.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-173.png 1299w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
At the time of writing, Bitcoin traded at $68,341 and climbed over 1.34% in the last 24 hours. Additionally, the daily trading volume of BTC soared over 7.16% to $28.4 billion.
If Bitcoin manages to hold above $69,000, it could trigger a rally, pushing prices to $70,600 and potentially higher to $71,350 and $72,100. A successful breach of $72,100 could see Bitcoin revisiting the $73,000 mark.&nbsp;
Conversely, if BTC fails to break above $69,000, it will result in a 5% decline to $65,550, with further drops to $64,760 possible. Falling below $64,500 could signal a deeper bearish trend.

Bitcoin (BTC) Bulls Eye $70K Amid Crypto Market Swings

Table of Contents

TheNewsCrypto

Other articles published on May 31, 2024

TRALA Successfully Raised $5M From Fundraising Rounds

CertiK Launches CertiK Ventures to Support Blockchain Platforms

Dogecoin Sentiment Reverts To February Low, Is DOGE Set For 200% Rally?

Cryptocurrencies That Whales Are Accumulating Right Now

Market Analysis: How Will Mt. Gox’s Bitcoin Distribution Affect Crypto Prices?

Ripple’s XRP Price Analysis: Key Levels to Watch as SEC Lawsuit Verdict Could Unlock These New Ta...

Join our free newsletter for daily crypto updates!