Analysis: The key level of $70,000 for Bitcoin has sparked market divergence; whether the support level can hold may determine the direction of the rise or fall

There is a clear divergence in the industry regarding the current trends in the cryptocurrency market. Economist Timothy Peterson stated that Bitcoin may slowly rise in the summer, expecting to reach a temporary peak by the end of July and perform relatively flat.

However, Michael van de Popper, founder of MN Trading Capital, believes that Bitcoin hit a low of $60,000 this February, but the market structure is different from the period of decline in February. Whether the key support area can hold will determine if a deeper correction can be avoided. We are currently at a critical juncture; if the $71,000 support level holds, Bitcoin may further break through to $76,000, potentially triggering a broader rally in the cryptocurrency market and a strong altcoin season. However, if the $70,000 support level cannot hold, it may quickly drop to the $65,000 level.