Bitcoin Price Eyes Bullish Breakout to $70K as Support Holds Strong

Bitcoin's price has shown bullish momentum after successfully holding above an important support level of $61,000.

This development has sparked hopes that the cryptocurrency may continue to rise in the near term, potentially reaching a target of $70,000.

The positive technical picture and buying pressure indicate that bulls are on the offensive, with Michaël van de Poppe noting that as long as Bitcoin remains above $61,000, the probability of further declines is low for the coming weeks.

Technical signals such as the MACD and Bollinger Bands also confirm the bullish scenario, with the MACD line above the signal line and the histogram in the positive zone.

The presence of Bitcoin ETFs and adoption by financial companies creates a solid ground for demand, regardless of price movements downwards.