Bitcoin has regained significant momentum, offering a much-needed boost to investor confidence. After a recent dip to $65,880 from $67,000, which alarmed investors due to Bitcoin's inability to break above the crucial 50 EMA resistance level, the cryptocurrency has rebounded, forming a promising green candle in recent hours. This bullish signal indicates that Bitcoin might be preparing for another attempt to reach the highly anticipated $70,000 mark.

Over the past few days, Bitcoin has been consolidating between $65,000 and $67,000, attempting to overcome critical resistance levels. The 50 EMA has been a pivotal threshold, and the current bullish momentum suggests Bitcoin might soon breach this barrier. A successful move above the 50 EMA could pave the way for a rally toward $70,000.

On-chain data analysis reveals a significant increase in large transactions, indicating heightened activity among whale investors. In the last 24 hours, there have been 11.8K large transactions, with a seven-day high of 17.89K reached on May 15, 2024. This surge in large transactions is encouraging, as it suggests that major players are actively trading Bitcoin, potentially driving the price higher.

Additionally, the In/Out of the Money Around Price (IOMAP) data shows that a substantial number of addresses are currently profitable at the prevailing price levels. Approximately 5.96 million addresses, or 71.14%, are "in the money," providing a strong foundation for bullish sentiment. These profitable addresses could serve as a support level if Bitcoin faces another downturn, as holders are less likely to sell at a loss.

The next major resistance levels are identified between $66,628 and $67,788. If Bitcoin can break through this zone, it is likely to target the $70,000 mark. The current bullish momentum, coupled with increased activity among large traders, suggests a strong potential for Bitcoin to achieve this milestone.

As Bitcoin continues to gather strength, the market is closely watching its performance against these key resistance levels. A successful push past the 50 EMA and the subsequent resistance zones could signal a new bullish phase for Bitcoin, bringing the coveted $70,000 target within reach.