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Analysis: The $70k key milestone for Bitcoin sparks market disagreement; whether the support level can hold or not may determine the direction of the rise or fall.
Odaily Star Planet Daily News: Industry experts are showing clear differences of opinion about the current direction of the cryptocurrency market. Economist Timothy Peterson said that Bitcoin could slowly rise during the summer, and is expected to reach a cyclical top by the end of July, with relatively flat performance.
However, Michael van de Popper, founder of MN Trading Capital, believes that Bitcoin touched a low of $60,000 in February this year, but the market structure is different from the period when it fell in late February. Whether the key support zone can hold will determine whether Bitcoin can avoid a deeper pullback. 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 fall to the $65,000 level. (Cointelegraph)