Bitcoin Price RegaJust-In: Bitcoin Price Regains $70000, Memorial Day Rally In Play?ins $70000, Memorial Day Rally In Play?

Bitcoin price has regained $70,000 level as bulls likely triggered a Memorial Day rally similar to that of last year. BTC price saw massive buying from spot and derivatives traders in American hours backed by strong trading volumes, leading to a breakout clearly visible in lower time frames. Will this upside momentum become a catalyst for a new all-time high of $75,000?

Bitcoin Price Surpasses $70,000

Bitcoin price surpassed $70,000 psychological level again, as suggested by CoinGape Media last week. If a Memorial Day rally is at play, it will bring a sudden upside in BTC price or else it will continue to consolidate considering the upcoming key events this week. Last year, BTC price saw massive volatility amid Memorial Day.

Bitcoin holds firm above key support level at $66K, but headwinds such as US PCE inflation data and crypto market expiry on May 31 could take positive sentiment away from the market.

Meanwhile, BTC price is experiencing a significant breakout in the lower timeframe. In the 1-hr timeframe, Bitcoin saw massive trading volumes as indicated through Bollinger bands. Moreover, the Bollinger bands indicator also shows that BTC price is now overbought after the sudden jump and is most likely to retrace for further upsurge.