Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights

Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocu

Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, after BTC hit an all-time high of $73,700 back in March this year. 

Since then, the market has experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses.

Could $70,000 Be Within Reach?

Market analyst Rekt Capital has provided insights into Bitcoin’s current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency to regain the $70,000 mark. 

Notably, Rekt pointed out that Bitcoin has broken through a downtrending channel after surpassing the $65,000 level earlier this month, effectively invalidating a series of lower highs that had been established since mid-March.

This breakout signifies the end of the previous downtrend. Rekt noted …