Bitcoin is currently encountering resistance around the $70,000 mark. Despite this, the bulls haven't given much ground to the bears, with Bitcoin's value dropping by less than one percent over the past week.

The recent sideways trading of Bitcoin hasn't deterred investments in spot Bitcoin exchange-traded funds. According to Farside Investors, there have been over $2.1 billion in net inflows into Bitcoin ETFs since May 14, indicating that investors are accumulating Bitcoin in anticipation of a potential breakout.

Veteran trader Peter Brandt remains optimistic about Bitcoin's long-term performance against gold. He noted on X that while the gold-to-Bitcoin ratio might remain volatile for the next 12 to 18 months, a significant rally could follow, where 100 ounces of gold might be needed to purchase one Bitcoin. Currently, one Bitcoin is valued at about 29 ounces of gold.

The big question is whether Bitcoin can rebound from key support levels and drive the entire cryptocurrency market upwards. Let's examine the charts of the top five cryptocurrencies that could lead this recovery.

Bitcoin Price Analysis

On May 31, Bitcoin dipped below the support line of its symmetrical triangle pattern, but the bears couldn't maintain these lower levels. This indicates continued buying interest from the bulls during dips.

For the bulls to gain the upper hand, they need to push and keep the price above the triangle. If they succeed, the BTC/USDT pair could rise to the overhead resistance at $73,777, a challenging barrier. Overcoming this level could see the pair surge to $80,000.

However, if the bulls fail to secure a strong rebound, there's a higher chance of breaking below the triangle, potentially dragging the pair down to the 50-day simple moving average at $64,956 and then to $61,000.

Short-Term Bitcoin Trends

In the short term, Bitcoin has been trading between the 50-SMA and the support line of the symmetrical triangle. Bears will try to strengthen their position by pulling the price below the support line, which could lead to a drop toward the pattern target of $61,500.

Conversely, if the price rises above the moving averages, it suggests the bears are losing control. The BTC/USD pair could then climb to the triangle's resistance line, where bears are likely to put up a strong defense. If the bulls succeed, the pair could continue its ascent to $73,777.

BNB Price Analysis

BNB has been trading above its moving averages recently, showing that the bulls are strongly defending this level.

Conclusion

The ongoing battle around Bitcoin's $70,000 level is crucial. A successful breakout could not only propel Bitcoin to new heights but also trigger rallies in other cryptocurrencies like BNB, AR, XMR, and TIA. Investors are keeping a close watch on these developments, as the next moves could set the tone for the broader crypto market.