Bitcoin Uptrend Getting Started? BTC Retests $70,000 As Retailers Accumulate

Bitcoin closed higher yesterday, printing a green bar after days of consolidation. Even though prices didn’t break and close above $70,000, the resurgence is morale-boosting for optimistic bulls. In the days ahead, how prices react, preferably aligned with the events of June 3, will shape the short-term trend. Ideally, a close above $72,000 is welcomed. However, for this to happen, there must be positive fundamental triggers.

Thus far, Bitcoin prices are relatively stable, per the formation in the daily chart. The coin is stable, adding 2% in the past day. However, it is down 1% in the previous week. Encouragingly, there is a boost in participation. The average trading volume is over $30 billion, which is a decent expansion.

Further price gains might draw more capital to the world’s most valuable coin. As things stand, the following Bitcoin developments might influence price action:

• On-chain data shows that retailers are beginning to position themselves. Data from CryptoQuant reveals that the realized cap of short-term holders, those who have bought BTC within the last 30 days, is rising. Historically, this shift in trend prints out before sharp price gains.
• The State of Wisconsin owns over $160 million of BTC through spot ETFs offered by BlackRock and Grayscale.  Even so, analysts think this could just be an entry point.

Bitcoin Price Analysis

BTC/USD is floating higher at spot rates.

The bounce from the 20-day moving average is a relief for bulls.

Though the June 3 bar closed with a long upper wick, suggesting weakness at close, the uptrend remains.

Aggressive traders can consider buying the dips as long as prices trend above $66,000.

However, considering historical performance, especially at around the $72,000 mark, conservative, risk-on traders can wait for a conclusive, high-volume close.

If the May 20 bar is confirmed, the probability of Bitcoin floating to $74,000 or higher will be elevated.