Is Bitcoin Set to Cross the $70K Mark Soon?

• Bitcoin has surged to $65K after dipping to $49K this month.
• Resistance at $67,300 could lead Bitcoin toward $80,500 if surpassed.

$49,000 earlier this month. Over the past week, the cryptocurrency has surged by 9%, with a notable boost on August 23 when it crossed the $61,000 mark. This rally has instilled a bullish sentiment among traders and investors.

The positive sentiment has been reinforced by recent economic and political developments. On Friday, U.S. Federal Reserve Chairman Jerome Powell confirmed the onset of a monetary easing cycle next month. Additionally, crypto-friendly presidential candidate RFK Jr. endorsed Donald Trump, further boosting market confidence. Currently, Bitcoin is trading at $63,778, reflecting a modest decline of 0.38%, with trading volume down by 4%.

Meanwhile, despite the recovery, caution persists among analysts. CryptoQuant reports a slowdown in whale activity since Bitcoin’s all-time high in March. The 30-day percentage change in whale holdings has decreased from 6% in February to just 1% currently, indicating reduced large-scale accumulation.

Moreover, infamous crypto analyst Ali highlights that based on the MVRV Pricing Bands, one of the most significant resistance levels for Bitcoin to clear is at $67,300.Breaking past this hurdle could set the stage for BTC to climb to 80,500.

Can The Bullish Momentum Sustain? 

The daily chart shows Bitcoin entrenched in a bullish trend, with the 9-day Exponential Moving Average at $62,238. The daily Relative Strength Index (RSI) stands at 57, indicating a neutral market condition.

If bullish momentum sustains, the next resistance levels are $66887 and $70189. However, continued bearish sentiment could lead to a drop to $60367, with potential support at $59046.

As Bitcoin navigates these pivotal resistance levels, its ability to sustain momentum will be crucial. Traders and investors are closely monitoring for signs of continued strength or potential reversals in the coming days.