BTC Analysis: Bitcoin Returns to Range-Bound Trading, Support Level Key

19 May, 2025, 07:29 AM

Bitcoin (BTC) briefly surged past $70,000 today, testing liquidity in the $70,000-$71,000 range, before retreating. According to Swissblock, a cryptocurrency data analysis firm, Bitcoin's inability to sustain these higher levels has pushed it back into a range-bound trading pattern. The crucial factor now is defending the current support level. A failure to hold this support could lead to further downside. Swissblock noted Bitcoin's impressive six-week streak of positive closes, raising questions about the sustainability of this bullish momentum. Traders and investors should closely monitor the support level for potential buying opportunities or signs of further weakness. Breaking below support could signal a correction, while a sustained hold could indicate a continuation of the upward trend. Further analysis will be needed to confirm the next direction of BTC. ```