Bitcoin price approaches $70K as BTC holders demonstrate steadfast optimism

Bitcoin continues to surge as its price approaches the $70,000 mark, indicating the steadfast optimism and confidence of BTC holders. The CEO of Bitget Exchange attributes the recent surge to the unwavering belief in Bitcoin’s potential. Additionally, the rising popularity of Bitcoin exchange-traded funds (ETFs) contributes significantly to the market’s momentum, with BlackRock’s IBIT ETF attracting a record-breaking $788 million on Tuesday.

From a technical perspective, the outlook remains positive, with Bitcoin aiming to reclaim previous milestones and potentially reach the psychological level of $70,000. On-chain metrics further support this bullish sentiment, as Bitcoin price enjoys strong support levels and the majority of BTC holders hold unrealized profits. However, a potential downside could occur if traders decide to cash in their gains, leading to a slight decline in price. In this scenario, BTC may fall to $65,000 or even as low as $60,000, representing a nearly 10% drop from its current levels.