News View Non-AMP

Bulls vs Bears Analysis: Will Bitcoin Price Break $70,000?

Published by
Zafar Naik

Bitcoin has been struggling to regain the $70,000 level it lost over a month ago. Recently, it reached this mark but couldn’t maintain it. Prices quickly fell to $66,500, breaking through several support levels and moving averages after a sudden 4% drop.

Let’s explore why this happened and what might come next and maybe you can make your own predictions along the way.

What Boosted the Bitcoin Price?

One major factor that helped Bitcoin rise to $70,000 was former President Donald Trump’s speech at the Bitcoin Conference 2024 in Nashville.

Trump openly supported Bitcoin and the broader crypto ecosystem, promising not to sell the Bitcoin held by the U.S. government if he is re-elected. Instead, he suggested using the seized Bitcoin as a strategic reserve. Trump has often expressed his desire to make the U.S. a leading player in the Bitcoin and crypto markets, aiming to boost the industry.

The $70,000 Resistance: A Major Hurdle

The $70,000 level is a significant resistance for Bitcoin, as it was a previous all-time high (ATH). Experts say this level had a lot of sell pressure, making it a tough barrier to overcome. The 20-day moving average (MA) tried to keep Bitcoin around $69,000, but the strong selling pressure pushed it below this level. Bitcoin then fell through the $68,000 support level, causing panic among traders and pushing the price down further.

U.S. Government Moves = Market Anxiety High!

Adding to the drop, the U.S. government made a notable move with its Bitcoin holdings. According to Arkham’s data, 29,800 BTC, worth $2.02 billion, were transferred from the government’s wallet to an unknown address. This sparked fears of a potential sale, leading to speculation and panic on social media. As a result, Bitcoin’s price fell to $66,500.

Bitcoin Market Status

Currently, Bitcoin is trading at $67,330. The hourly chart shows that the previous support level of $66,800 is now acting as resistance, while the 200-day moving average is the new support level. The identity of the wallet that received the $2.02 billion worth of Bitcoin is still unknown, leaving its next move uncertain. It could be another government’s wallet or part of a strategic reserve.

Despite this, with decreasing bearish pressure and a supportive global environment for crypto, there is hope that Bitcoin’s price will rise again soon.

What do you think will be Bitcoin’s next move?

Zafar Naik

Zafar is a seasoned crypto and blockchain news writer with four years of experience. Known for accuracy, in-depth analysis, and a clear, engaging style, Zafar actively participates in blockchain communities. Beyond writing, Zafar enjoys trading and exploring the latest trends in the crypto market.

Recent Posts

Bitcoin Price Analysis: Low Speculative Urgency Signals More Pain In the Midterm

Bitcoin (BTC) price has experienced faded bullish sentiment in the recent past as traders factor…

June 28, 2025

Is Altseason Coming? CryptoQuant Analyst Spots Key Accumulation Signal

CryptoQuant analyst Axel Adler Jr. has spotted a potential early sign of a new altcoin…

June 27, 2025

Litecoin LTC Price Prediction 2025, 2026 – 2030: Can Litecoin Reach $1000 Dollars?

Story Highlights Litecoin price today is . Litecoin price may reach a potential high of…

June 27, 2025

Polkadot Price Prediction 2025, 2026 – 2030: Will DOT Price Cross $10?

Story Highlights The live price of the Polkadot crypto token is . Polkadot price can…

June 27, 2025

Toncoin Price Prediction 2025, 2026 – 2030: Will TON Price Reach $10?

Story Highlights The live price of the TON token is Toncoin price could hit a…

June 27, 2025

Pi Network Mainnet, KYC Fixes, and More — What to Expect on Pi2Day

With Pi2Day just around the corner, the Pi Network community is buzzing with hopes and…

June 27, 2025