Bitcoin (BTC) Price Analysis and Forecast

Bitcoin is currently experiencing massive buying demand as it broke above $70K and is aiming for a retest of its ATH.

Bitcoin price rose above $70K on May 21 as traders anticipate the next leg of the bull market rally. Several on-chain indicators suggest that BTC has further room to rally before peaking.

Bitcoin price rallied over 6% on Saturday as traders assess whether the recent top is the peak or if BTC has further room to rally. Among the key levels to watch for the next leg of the BTC price rally are $74K, $80K, and $90K.

Bitcoin price attempts to rally from $70K, aiming for a retest of all-time highs

On Saturday (May 21), the Bitcoin price attempts to rally from the psychological level of $70,000. Such ranges, especially near overhead resistance, tend to break to the upside. However, bears continue to defend a surge above Fib channels.

Bitcoin price rose above $70K on May 21 as traders anticipate the next leg of the bull market rally. Several on-chain indicators suggest that BTC has further room to rally before peaking.

Bitcoin price rallied over 6% on Saturday as traders assess whether the recent top is the peak or if BTC has further room to rally. Among the key levels to watch for the next leg of the BTC price rally are $74K, $80K, and $90K.

Bitcoin price attempts to rally from $70K, aiming for a retest of all-time highs

On Saturday (May 21), the Bitcoin price attempts to rally from the psychological level of $70,000. Such ranges, especially near overhead resistance, tend to break to the upside. However, bears continue to defend a surge above Fib channels.

As of writing, BTC price trades at $71,169, surging over 6.1% in the last 24 hours. The recent bounce off the psychological support level around $70,000 has sparked buying interest in spot Bitcoin exchange-traded funds. According to Farside Investors, there were about $950 million in inflows last week, marking the best weekly performance since March.

If this trend continues, we might see a significant upward movement in the Bitcoin price. Moreover, with the SEC now accelerating to approve the first spot Ethereum ETF in the United States, we might see further surges in the coming days.

Additionally, will bulls clear the overhead barrier in Bitcoin and retest the lifetime high? Let’s analyze the BTC price technicals on the 4-hour chart to find out.

Bitcoin price technical analysis on the 4-hour chart

Bitcoin price has been trading in a bullish range above $70K for the past 24 hours. Such ranges, especially near overhead resistance, tend to break to the upside. However, bears continue to defend a surge above Fib channels.

As of writing, BTC price trades at $71,169, surging over 6.1% in the last 24 hours. The recent bounce off the psychological support level around $70,000 has sparked buying interest in spot Bitcoin exchange-traded funds. According to Farside Investors, there were about $950 million in inflows last week, marking the best weekly performance since March.

If this trend continues, we might see a significant upward movement in the Bitcoin price. Moreover, with the SEC now accelerating to approve the first spot Ethereum ETF in the الولايات المتحدة الأمريكية, we might see further surges in the coming days.

Additionally, will bulls clear the overhead barrier in Bitcoin and retest the lifetime high? Let’s analyze the BTC price technicals on the 4-hour chart to find out.

Bitcoin price technical analysis: Key levels, next price action

According to the 4-hour price chart, the bulls attempt to push the Bitcoin price above the Fib channel once again. A breakout from this channel might lead to a surge toward $74,000.

The rising 20-day EMA ($68,324) and the RSI in overbought territory suggest the path of least resistance is upward. If Bitcoin surpasses $74K, the BTC/USDT pair could aim for $80K, where strong selling pressure from bears may emerge.

On the downside, the moving averages are the key support levels to monitor. A break and close below these averages would indicate that the bulls have lost control, potentially causing the pair to drop to $67K and then to $63K.