Bitcoin Rebounds to $70,000 as This Week's Economic Calendar is Exceptionally Packed

This week started with a surge of trading enthusiasm in the US stock and cryptocurrency markets. According to Bitpush data, Bitcoin rebounded from a support level of $67,600 and broke through $70,000 around 6:00 PM Eastern Time.

Monday's trading session in the US stock and cryptocurrency markets began with a surge of enthusiasm.

According to Bitpush data, around 6:00 PM Eastern Time, Bitcoin rebounded from a support level of $67,600 and surged past the $70,000 mark. However, short-sellers later pushed back, and at the time of writing, the BTC trading price had slightly retreated to $69,680, showing a 2.52% increase over the past 24 hours.

The altcoin market displayed mixed results, with Dogecoin (DOGE) leading the top 200 tokens by market cap with an increase of 11.1%; Bitcoin SV (BSV) rose by 10%; THORChain (RUNE) increased by 8.3%; Safe (SAFE) had the largest decline at 9.2%; followed by ApeCoin (APE) and ZetaChain (ZETA), which fell by 7.2% and 6.5%, respectively.

The overall market capitalization of cryptocurrencies is currently $2.34 trillion, with Bitcoin's market share at 58.3%.

This week's economic calendar is jam-packed with a series of significant data releases upcoming, including Tuesday's JOLTS job openings report, Wednesday's Bank of Japan interest rate decision, Thursday's core PCE price index, and Friday's key non-farm payroll data. Meanwhile, the earnings season for tech giants is reaching its peak, with results from giants like Alphabet, Microsoft, Meta, Amazon, and Apple directly impacting market sentiment.

In the US stock market, as of Monday's close, the S&P 500 index, Dow Jones Industrial Average, and Nasdaq Composite all rose, increasing by 0.35%, 0.72%, and 0.37%, respectively.

Although the market may still experience volatility in the short term, most analysts are optimistic about Bitcoin's long-term prospects. They generally believe that once the market environment improves, a Bitcoin price breakthrough of $100,000 or even higher is not out of reach.

Ed Hindi, Chief Investment Officer of Tyr Capital, stated in a report: "BTC looks and feels like it could become a supernova in the coming months. It dominates the total value of crypto assets, with its market cap recently reaching 58%."

The report suggests that as BTC continues to attract attention and focus, it is absorbing increasing liquidity from the industry, which may weaken the upward potential of altcoins in the coming months. Institutional leaders like MicroStrategy are opening the floodgates of corporate balance sheets, while investment moguls like Paul Tudor Jones are making BTC a mainstream asset in financial portfolios.

Hindi expressed: "We firmly believe that BTC could reach $100,000 by the end of this year and $200,000 by 2025. We expect that as long as Trump's victory remains the baseline scenario, BTC's rise will be enhanced in the lead-up to the US elections."

However, Hindi also warned that Bitcoin's price will not only rise without falling, as "profit-taking in the days following the election results could pressure Bitcoin's price, but buyers on dips should provide strong support below $60,000. Regardless of the election outcome, Bitcoin should regain its footing in the medium term and set new highs in 2024."

TradingView technical chart analyst TradingShot stated, "All indicators point to an astonishing rebound over the next 12 months."

He noted: "Bitcoin broke through its 7-month bearish megaphone pattern last week, which actually absorbed the pullback following the significant market surge driven by ETF expectations and launches since October 2023. This means Bitcoin has successfully escaped the downtrend during this period and is poised to initiate a new upward cycle."

TradingShot stated: "This pattern is part of a 7-year ascending channel that encompasses the previous two cycles of BTC. During the 2018-2021 cycle, the market also experienced a bearish megaphone pattern, slightly larger, lasting for 12 months before the price broke out."

Analysts pointed out that Bitcoin's recent rise is due to it regaining the important support level of the 50-week moving average. Moreover, historical data shows that Bitcoin's price is often influenced by the 50-week moving average. Over time, the 50-week moving average has repeatedly served as a support level for Bitcoin's price, indicating it is a very reliable support.

Additionally, a MACD golden cross has appeared on Bitcoin's weekly chart for the first time since October 2023. The MACD golden cross is typically seen as a bullish signal, indicating that a significant price