Bitcoin's price has been on a rollercoaster ride, with a recent surge of 0.51% in the past 24 hours to $66,600.62. While this recovery does not guarantee a sustained trend shift, it may signal the beginning of a price rebound. Here are three key factors that could propel Bitcoin to retest its $70,000 mark.

Retail and Whale Transactions

The volume of retail and whale transactions is crucial in determining whether capital is flowing into the Bitcoin ecosystem. Currently, the trading volume is down by 46.85% to $12,812,056,073. For Bitcoin to retest the $70,000 resistance, the outlook of this volume needs to change over the past week.

Social Sentiment and Spot ETF Products

The social sentiment around Bitcoin is another important factor, gauging whether interest is low or not. The impact of spot Bitcoin ETF products is significant, as Wall Street investors are sensitive to market shifts. Any change in the trend of ETF products could influence whether they buy the coin.

Large Transactions and Capital Drain

The large transactions on the Bitcoin network have dropped by 35.45% to $30.39 billion. The capital drain from Grayscale Investments GBTC could also play a role in returning Bitcoin back to its much-coveted price point. If this trend changes in the coming week, it might contribute to Bitcoin's price rebound.

Analyst Projections

Analysts and market experts have shared different projections on how high Bitcoin could soar in the near future. According to PlanB, the creator of the Stock-2-Flow (S2F) model, Bitcoin could reach $500,000 in 2025. Other analysts like "Rich Dad Poor Dad" Author Robert Kiyosaki predict the coin could soar to $350,000 by August. Amidst the speculation, Bitcoin's price might retest its $70,000 mark in the coming days.