With just four days left in August and considering the current market sentiment, it's a close call whether Bitcoin will reach $70,000 before the month's end. Over the past week, Bitcoin has established a support level around $61,000 and faced resistance near $66,000.

As of now, Bitcoin is trading at $62,000. With an anticipated interest rate cut by the U.S. Federal Reserve expected in September, many traders are cautious, uncertain about the exact rate cut that will be announced. Although a modest quarter-point cut is expected, nothing is guaranteed, and the market could still see some upward movement based on speculation.

If Bitcoin remains below the $66,000 resistance level by the end of August 29, the chances of reaching $70,000 by August 31 are slim. The current resistance, with an average price of $58,000, is influenced by factors such as Donald Trump's plans for a national Bitcoin reserve and reports from Bloomberg about a resurgence of hedge fund activity in crypto. Additionally, there has been significant movement of Bitcoin into cold storage.