Bitcoin Price Rallies Over $71,000: Is a Rally To All Time High On?

The Bitcoin price has experienced a remarkable surge recently as it soars past the $71,000 mark amid Ethereum ETF buzz. Meanwhile, this surge in the BTC price reflects growing investor confidence in the leading cryptocurrency. However, according to recent reports, the path to new all-time highs isn’t straightforward. Notably, a flurry of key events and market dynamics could influence Bitcoin’s trajectory in the coming days, the reports suggested.

Recent Reports Indicates A Positive Momentum

Bitcoin’s recent price action has been robust, as evidenced by the recent performance of the flagship crypto. Notably, the Bitcoin price has regained its momentum towards the late April resistance zone of $67,500, surpassing the early May highs of $64,000. 

According to 10x Research, a breakthrough above $67,500 could lead to new all-time highs. Meanwhile, in a recent report, 10X Research stated:

Our Bitcoin Greed & Fear Index has turned bullish. We see $67,500 as a critical level. If surpassed, it could trigger a significant rally.

However, a flurry of factors could impact Bitcoin’s price this week. For context, $800 million of PYTH supply will be unlocked today, followed by $340 million from AVAX tomorrow May 21. In addition, NVIDIA’s Q1 2024 earnings report is due on May 22, and the final deadline for VanEck’s spot Ethereum ETF application is on May 23. 

Meanwhile, market experts suggest a 75% chance of Spot Ethereum ETF approval, fueling Bitcoin’s price by about 6%. Simultaneously, NVIDIA earnings are also expected to influence the broader financial market, given its dominance in the artificial intelligence (AI) sector, as well as in the technology space.

Also Read: Ethereum Whale Moves $46M ETH Amid Price Rally, What’s Next?

Bitcoin Price & Market Sentiment

While institutional interest grows, on-chain dynamics offer additional insights. Santiment, another analytics platform, observed that Bitcoin is trading just above $66,100. The report showed that despite the recent price bounce, small traders are liquidating their holdings. 

Meanwhile, this pattern, where smaller wallets sell off to larger ones, has historically been a bullish indicator for Bitcoin, according to Santiment. In addition, the current environment indicates a mix of optimism and caution. For Bitcoin to achieve new highs, it must navigate upcoming events and market sentiment shifts.

However, as of writing, the Bitcoin price traded under bullish momentum with price exchanging hands at $71,215.70, up around 6%, after touching a 24-hour high of $71,946.46.

Concurrently, over the last 24 hours, the trading volume of Bitcoin and market capitalization soared 138.89% and 5.76% to $57.14 billion and $1.4 trillion, indicating strong trading activity in the market. Notably, the latest Bitcoin Fear & Greed Index stood at 70, indicating a “greed” sentiment in the market.

Also Read: Bitcoin Is Providing the Final Bargain Opportunity Before Post-Halving Rally