After the recent upswing from $58,000 to $71,000, the Bitcoin bulls were heavily drained, resulting in a plunge below $67,000. The surge was fueled by multiple reasons, which were expected to elevate the rally towards a new ATH. But as it happened after the spot BTC ETF launch, the markets tumbled down following the launch of the spot ETH ETF. However, the BTC price roared after an interim correction and hence, a similar action is expected to have kicked off after the recent spot ETF approval.
It has been somewhat of a bullish week for the crypto markets, with many events turning out in favour. However, this merely impacted the prices of the top tokens but the trend is assumed to have flipped now. The BTC price consolidated just below $70,000 for a couple of days, probably to accumulate strength. As a result, the star crypto has made a bold move above the levels. Now the question arises: whether the bulls will handle the gains or compel the price to display another short-term rally?
The above daily chart of Bitcoin suggests the price continues to trade under a bullish influence and hence the recent pullback was an opportunity to accumulate some. Therefore, the BTC price hit the lower support zone and triggered a strong rebound, intending to reach the first target of $71,500. Besides, 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 the strength of the rally may remain elevated but due to lower volume, the price may remain consolidated for a while.
Collectively, to reach $74,000, the Bitcoin price is required to surpass two crucial barriers, one at $71,500 and the second at $73,605. Meanwhile, the levels around $72,500 may also act as key support or resistance as per the trade setup. Having said that, the BTC price currently has soared above $70,000, but to sustain the gains, a daily close above $70,800 is required, which may further elevate the levels beyond the first target.
Therefore, the upcoming monthly close will have a major impact on the Bitcoin (BTC) price as it may further decide whether the crypto will make it to $74,000 or not.
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