Bitcoin’s $70,000 key milestone sparks market disagreement: can the support level hold, or will it determine whether the market rises or falls

Deep Tide TechFlow News: On May 31, according to Cointelegraph, there is a clear split within the industry over the current direction of the cryptocurrency market. Economist Timothy Peterson said Bitcoin may rise slowly during the summer, with a projected phase top by the end of July, and it is expected to show relatively muted performance.

However, MN Trading Capital founder Michael van de Popper believes that Bitcoin hit a low of $60,000 in February this year, but the market structure is different from the period when prices fell in late February. Whether the key support zone can hold will determine whether a deeper pullback can be avoided. Bitcoin is currently at a critical point: if it holds the $71,000 support level, it may further break through to $76,000, or trigger a broader rally across the crypto market and usher in a strong altcoin season. But if it fails to hold the $70,000 support level, it could quickly drop to $65,000.