Can Bitcoin Price $70K? 🤔

Bitcoin has been under significant pressure on its price after exceeding the $60,000 psychological limit from the beginning of May and has moved in a narrow price range. Bitcoin can see the $70,000 level this month. Sign of rise of 200- and 50-week moving averages, a bull trend in the market.

While moving averages create a strong support, the Crypto Fear and Greed Index signals “greed”. In addition, the stall of mining sales indicates that the market will move in a positive direction.The 200-day moving average has reached an all-time high, and Bitcoin’s horizontal hover can be deceptive.

Bitcoin has created a large cup and handle formation over the weekly time frame, which could be a signal of a significant upth. If Bitcoin exceeds ATHs during the summer, there is a possibility that it will expect a strong rally in a short time.

Market Dynamics and Expectations

Selling pressure from short-term investors may decrease. Bitcoin's recent decline could be the bottom of the market, and I predict that the price could fluctuate between $60K and $70,000 by August.

Important Inferences for the User

The rise of the 200- and 50-week moving averages could be a positive indicator for long-term investments.

The high crypto fear and greed index indicates that market sentiment is positive.

The formation of the cup and handle formation could be the beginning of a possible uptrend.

In summary, the price of Bitcoin appears to have the potential to exceed the $70,000 level in May. DYOR

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