Bitcoin, the leading cryptocurrency, has been trading between $60,000 and $72,000 for over two months following its remarkable surge in March. Analysts believe that Bitcoin may revisit its peak range soon due to indicators pointing to a sustained period above support levels.

Bitcoin reached an all-time high of $73,805 in mid-March but experienced a downward break on May 1. It lost momentum in early April and has been trading below its 30-day exponential moving average (30-EMA) since then, reflecting a bearish market influenced by short sellers.

If Bitcoin moves above the 30-EMA, currently at $63,360, it could potentially head towards the $72,000 level. Derivative data provided by CoinGlass on May 11 reflects a clearer short-term forecast of $72,000 for Bitcoin. A one-month leverage heat map following a downward trend reveals two significant liquidation pools due to increased open interest from those shorting Bitcoin, particularly at the $67,000 and $71,000 levels.

These could quickly become reachable levels if sentiment around Bitcoin changes, potentially driving the price to $72,000. A shift in sentiment in May could lead to bullish breakouts across all cryptocurrencies and signal a reversal of the trend. Jack Dorsey recently sent a Bitcoin-supportive letter to shareholders of Block Inc (NYSE: SQ).