Bitcoin has once again shown strength after successfully closing the week above the crucial $70,000 level.
At the time of writing, Bitcoin is currently trading at $72,506, up 0.06% since it opened early Thursday in Asian trading.
This move signals that Bitcoin is attempting to regain long-term support, reviving bullish sentiment in the crypto market.
Despite the minor correction, the price remains above several key technical levels, including the old 2021 high around $68,300 and the 200-week exponential moving average near $69,400.
Staying above this zone is often seen as a sign that bullish momentum is still intact.
According to crypto analyst Michaël van de Poppe, the small drop before the weekend is more of a risk-off move by investors, rather than a sign of market weakness.
He expects Bitcoin to experience a slight correction before potentially continuing its rise to the resistance zone around $75,000 to $80,000.
However, global economic uncertainty remains a factor to watch.
Analyst Kyle Doops noted that whenever the price crosses $70,000, investors tend to take profits in stages.
While not a panic sale, it could still temporarily slow the upward momentum.
If Bitcoin continues to hold above this key level, the market could potentially see a new attempt to test higher price territory in the near future.
