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Bitcoin price broke above the $70K level and crypto enthusiasts is speculating the next target of the BTC.
The leading cryptocurrencies, Bitcoin and Ethereum, saw positive movement on the technical chart following a report from Bloomberg analysts, who raised the likelihood of approval for a spot ETH exchange-traded fund (ETF) in the U.S. to 75%.
Bitcoin‘s price has rebounded from the correction phase with strong bullish momentum. On May 20th, BTC opened at $66255 and reached a high of $71500, indicating that it is poised for a significant upward movement.&nbsp;
Over the past week, the price has surged by more than 15%, and the trading volume has also seen an increase.
<h2 class="wp-block-heading" id="strong-bitcoin-technical-chart-is-all-green-strong">Bitcoin Technical Chart is all Green&nbsp;</h2>
Since the beginning of 2023, Bitcoin‘s price has exhibited outstanding performance and made a fortune for its investors. Moreover, reaching new all-time highs and registering a 320% gain since 2023. Following a correction phase in March, the BTC price experienced a breakout a week ago demonstrating bulls back in BTC. 
<a href="https://in.tradingview.com/chart/BTCUSD/6H2KEDOr-BTC/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/u/writer12_gsm/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
Based on the technical chart, Bitcoin‘s price has formed a falling wedge pattern following strong buying momentum. It recently broke out from this pattern, accompanied by a surge in trading volume.
If buyers continue to show interest and the price manages to hold above the $70K mark, it could potentially set a new all-time high. Sustained buying momentum, supported by trading volume, may dictate a long-term bullish trend.
Conversely, if <a href="https://www.thecoinrepublic.com/2024/05/19/unlock-fun-fortune-at-bitkong-bitcoin-casino-your-jungle-adventure-to-exciting-crypto-wins/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin‘s price</a> encounters resistance at the $71K level, it might indicate a bearish turn. If the digital asset’s price falls below the 20-day exponential moving average, it could signal long-term selling pressure.
<h3 class="wp-block-heading" id="strong-decoding-technical-indicators-for-bitcoin-strong">Decoding Technical Indicators for Bitcoin</h3>
Technical indicators reveal that the RSI was at 65, heading towards the overbought zone, signaling bullish momentum. Additionally, the MACD has generated green histograms, with both the signal line and MACD line rising above the Zero line.
Moreover, the other indicators like awesome oscillator and supertrend turned bullish, showcasing buyers are back in the game.
At the time of writing, Bitcoin was trading at $70,471, marking a 0.38% gain for the day. The circulating supply stands at 19.7M BTC, which accounts for 93.82% of its maximum supply. The market capitalization was $1.40 Trillion, with a trading volume of $51.99 Billion
<h4 class="wp-block-heading">Summary</h4>
Bitcoin’s price has bounced back and broke above the $70K level, with speculation about the next target. The positive movement was seen for Bitcoin and Ethereum on the technical chart. Bitcoin’s price rebounded from the correction phase with strong bullish momentum and has surged by more than 15% over the past week. Technical indicators reveal bullish momentum.&nbsp;
<h5 class="wp-block-heading">Disclaimer</h5>
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.

Bitcoin Price Bounces Back; Is The $75K Target Closer Now?

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