Bitcoin falls below $70,000 and maintains optimistic hopes for a rebound.

Bitcoin was previously teased that it would climb the ladder and get closer to $84,000. That didn’t happen, but what did happen suggested a rebound was possible. Interestingly, it has fallen below the $70,000 level. Industry experts believe that this drop has brought about an opportunity to accumulate tokens and strengthen support margins.

BTC was last listed at $69,386.28, up 0.05% in the last 24 hours. It also reflects a surge of 0.505% in the past 7 days and 10.36% in the past 30 days. Investors and traders have spent over $67 billion accumulating tokens, making the current zone one of the most accumulated in recent times.

Hopes for a rebound are supported by the Relative Strength Index (RSI), which is currently above 55. This reflects the scope of the bull market ahead. This also indicates a point where BTC may eventually stabilize and trigger an upward swing.

Initial support levels are between $67,000 and $69,000. In the accumulation zone, 1.97 million addresses purchased 964,000 BTC tokens, mainly to relieve selling pressure. At the same time, BTC withdrawals drain a portion of the system’s supply, indicating that there is not much left to sell on the market.

Withdrawals were last made for 21,000. That means tokens were moved off exchange platforms, reducing the supply from approximately 23.32 million to 23.11 million. At the time of the transaction, it was valued at approximately $1.57 billion.

Bitcoin market capitalization recorded a slight deficit of 0.04%, and 24-hour trading volume increased by 25.19%. The value of Bitcoin is expected to appreciate at $78,912 over the next 5 days and $89,325 over the next 30 days. The monthly increase amounts to approximately 28.20% from the current value.

Bitcoin’s volatility has fallen to 4.16% and its 14-day RSI is 55.74. The overall sentiment is optimistic, with the Fear and Greed Index standing at 72 points.

BTC has recorded a green day of 53% over the past month. The current 50-day SMA and 200-day SMA are $65,548 and $54,966, respectively.

Bitcoin ETF Spot It is still recognized as a game changer for the token and the market as a whole. There was significant inflow of capital from retail and institutional investors.

Bitcoin’s future outlook is positive. By 2024, it could be closer to $100,000. There is speculation its value could rise to $150,000 by the end of the year. Regardless of the actual outcome, BTC has gained significant traction in the market, ultimately benefiting other cryptocurrency tokens such as Ether, SOL, and XRP, and is currently aiming to launch an ETF on the market soon.