Bitcoin’s Momentum Soars Post-Correction, Targets $70,000 Resistance Pre-Halving Event

As Bitcoin’s much-anticipated “Halving” event looms, abuzz with high-stakes speculation and strategic positioning, the world’s premier cryptocurrency is gaining momentum following a noticeable correction in the early days of the second quarter.

Following a commendable performance in 2024’s first quarter—one which marked Bitcoin’s best-ever quarterly close—the ubiquitous cryptocurrency was subdued as trading in the second quarter got underway, causing a downturn across the broader market. However, Bitcoin has been in a steady state of recovery since, defying initial skepticism and boldly testing the resistance thresholds of the $70,000 territory over the past weekend.

Upon the dawn of the new week, Bitcoin showed signs suggesting it had regained a sturdy foothold above the $70,000 level, a critical position for determining its future trajectory.

Out of the multitude of auditory voices in the cryptocurrency world, the perspective of Crypto analyst Ali Martinez cuts through the noise. Martinez has been examining Bitcoin’s journey closely, and what he identifies paints a decidedly encouraging picture for the future. His findings contend that Bitcoin’s performance so far indicates a positivity in the investor sentiment.

Drawn out in a compelling post, Martinez’s analysis posits a bullish-leaning In/Out of the Money Around Price (IOMAP) indicator. The supporting data suggests that holders residing at the support level are in an overwhelming majority compared to those at the resistance level. As implied, Bitcoin appears to be enjoying a “stable support” level with nearly half a million addresses holding 285,000 Bitcoin units in the range between $70,760 and $71,200.

That number comprehensively dwarfs the 1.4 million addresses that collectively hold units of the same currency within the lower range of $68,220 to $70,325. When evaluated side by side, the quantity of addresses and Bitcoin units on the support level handily outnumber those in the resistance tier by threefold. To Martinez, this sees the bulls currently reigning supreme, as the supporting evidence squarely favors them.

Seconding this bullish sentiment is Captain Faibik, a fellow analyst, who also affirms an impending upward trajectory for Bitcoin. His analysis, backed by an “X post,” points to a confirmed “bullish pennant upside break” on the daily chart.

Bitcoin’s price went into a consolidation phase at the beginning of March, creating a pennant pattern that experienced an upward breakaway once the Monday candle closed above the $70,000 mark. In light of this potential rally, Faibik’s estimation extends to an optimistic surge toward the $88,000-$90,000 price horizons within the month.

At present, bitcoin seems committed to maintaining its position above the $70,000 support line. It rests just a 5% margin below its record high of $73,373. Although signs of strong resistance remain, Bitcoin’s price performance has seen a marginal decrease of 2.3% from the previous day.

According to data sourced from CoinMarketCap, Bitcoin’s daily trading volume has seen a downturn by 6%, and its mammoth market cap of $1.38 trillion sees a slight 2.1% decrease. Nevertheless, Bitcoin still remains 8.4% above its price from a week ago, floating around $70,378 at the moment.

All eyes are now cast on the upcoming “Halving” event, which many believe will further fortify and cement the cryptocurrency’s impressive support level above its current average. And as it stands, Bitcoin, the trailblazer of the cryptosphere, is anything but short on anticipation and speculation.