**Bitcoin Price Gyrates, Bulls Eyeing Breakout Above $70,000**
Bitcoin continues to show volatility in the market, with prices moving higher but still below the $70,000 mark. Bulls are optimistic about pushing prices higher in the coming sessions, but the speed of the movement will depend on breaking above the resistance level of $71,700 to $72,000. This level has been a stronghold for sellers since late March 2024.
**Sellers in Control in the Short Term, Buyers Await Opportunity**
Currently, sellers are dominating the short-term market, but buyers are patiently waiting for an opportunity to enter the market. Bitcoin has shown stability in the past day and week of trading, with an increase in average trading volume indicating growing participation from investors.
**Upcoming Bitcoin News Events to Watch**
Traders are keeping a close eye on the upcoming halving event, which analysts believe will have a different impact compared to past cycles. The introduction of a spot Bitcoin ETF could change the supply-demand dynamics of the coin, but its immediate effect on prices post-halving remains uncertain. Additionally, Federal Reserve President Neel Kashkari has expressed skepticism about Bitcoin, calling it a fad that could eventually fall to zero.
**Bitcoin Price Analysis: Recovery in Sight**
In terms of price analysis, BTC/USD is showing signs of recovery, especially in the daily chart. Despite briefly touching $70,000 over the weekend before retracing, the overall uptrend momentum remains intact. Aggressive traders may consider entering above $64,500, while a drop below this level could trigger a sell-off towards the $60,000 psychological level.
For more cautious traders, a breakout above $72,000 and the immediate resistance level could signal a resumption of the uptrend. A high trading volume accompanying the breakout could propel Bitcoin towards $73,800 or higher in the upcoming sessions.
