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Bitcoin (BTC), the top cryptocurrency by market cap, managed to reclaim the much-coveted $70,000 level earlier today, peaking at $70,230.
It is up 2.4% over the last 24 hours, currently trading just below the aforementioned level.
However, it is worth mentioning that $70,000 is a formidable resistance level that bulls have repeatedly failed to crack. At press time, the top cryptocurrency is changing hands at $69,704 after giving up some gains.
A bear trap?
As noted by popular cryptocurrency trader Ali, the TD Sequential, a powerful technical indicator, is currently showing a sell signal on the four-hour chart. The analyst has predicted "a one to four candlesticks correction" for the largest cryptocurrency.
Bitcoin's failure to gain a foothold above the $70,000 level on Apr. 1 recently led to a sharp correction to the $65,000 level. However, Bitcoin managed to recover from this drop relatively quickly.
Extreme greed
According to the Fear & Greed Index, which measures Bitcoin sentiment on a daily basis, the largest cryptocurrency has once again succumbed to "extreme greed." This implies that the market is showing signs of froth following a short-lasting correction.
The bulls' latest attempt to crush the $70,000 resistance level comes ahead of the much-anticipated halving event. The event is just 11 days away, and many expect the market to become even more torrid due to growing mainstream media coverage.
Yuri Molchan
Tomiwabold Olajide
Godfrey Benjamin
