Bitcoin Retests $70,000, Bulls Remain Cautiously Optimistic
CryptoNewsTerminal Staff21 May, 2024
Bitcoin Retests $70,000, Bulls Remain Cautiously Optimistic
Bitcoin (BTC) once again tested the $70,000 level, briefly touching it before pulling back slightly. At the time of writing, BTC is trading at $69,963 on Binance's USDT market. The move higher comes after a period of consolidation below $70,000. BTC has been trading in a range between $65,000 and $70,000 for the past week. However, the bulls have been unable to sustain a breakout above $70,000. If BTC can break above $70,000, it could open the door to a further rally towards $75,000 and $80,000. However, if BTC fails to break above $70,000, it could fall back to support at $65,000. The bulls are currently in control of the market, but the bears are still lurking. It is important to note that BTC is still in a bear market, and it could experience a significant pullback at any time. Therefore, investors should exercise caution and manage their risk accordingly. ```
