Bitcoin Price Surges Towards $70,000, but Momentum Stalls

The recent surge in Bitcoin price has left investors wondering whether it's a sign of a new trend or just a relief rally. According to recent data, over $468 million in crypto short liquidations have occurred due to the sharp move towards $70,000.

However, momentum stalled near $68,100, suggesting that the move may not be sustained. Analysts point out that indicators such as RSI and MACD remain negative, and the trend remains challenged.

Despite this, some analysts believe that a decisive close above the Bollinger middle band at 70,288.67 could hint at more upside towards $72,500 to $73,500. Others advise caution, recommending that investors focus on tight invalidations and avoid chasing moves.