Analysts pointed out the significant growth of bitcoin to $ 70,000

The largest cryptocurrency by market capitalization managed to return to the $ 70,000 level, peaking at $ 70,230 on April 7. Today, the price of BTC $56,369.89 Bitcoin -3.24% Market capitalization $1.11 trillion VOL. 24 hours $4.68 billion has corrected, dropping to $ 69,782, but analysts are positive.

$ 70,000 is a resistance level that bulls have repeatedly failed to overcome this year. Bitcoin’s inability to gain a foothold above $ 70,000 on April 1 led to a sharp correction to $ 65,000. However, BTC managed to recover relatively quickly from this drop.

According to the Fear & Greed Index, which measures sentiment toward bitcoin on a daily basis, the flagship cryptocurrency has once again succumbed to «excessive greed.» This means that the market is showing signs of a frothy state after a short-term correction.

The bulls' latest attempt to break through the $ 70,000 resistance level comes on the eve of the long-awaited halving. The event is less than two weeks away, and many expect the market to become even more turbulent due to the growing coverage of the halving.

In order for bitcoin to continue to rise, the asset needs to stay above the 50-day SMA, but this is not an easy task given the questionable inflows into the market right now. If BTC is able to stay above these support levels and break through the $ 70,000 mark, it could be the beginning of another significant price increase, experts concluded.