Bitcoin Must Hold $70K to Stay Bullish, Says Analyst

Bitcoin has reclaimed the $75,000 mark, but the $70,000–$75,000 price range remains critical for bullish momentum, according to prominent on-chain analyst James Check. Speaking on the importance of this level, Check emphasized that a drop below $70,000 could significantly impact market sentiment. A further dip to $65,000 may trigger discomfort among average Bitcoin holders, signaling potential short-term instability.

Check refrained from declaring whether Bitcoin has entered a bear market, noting that broader macroeconomic factors—particularly ongoing global tariff tensions—are currently driving market trends. Bitcoin's correlation with the S&P 500 highlights its increasing sensitivity to macroeconomic events, making short-term predictions more complex.

He urged investors to avoid focusing solely on market cycles such as “bull” or “bear,” stating that things can shift rapidly. “Things can change on a dime,” Check noted, suggesting that Bitcoin's market behavior no longer fits traditional cycle models.

Reflecting on Bitcoin’s evolution, Check outlined three distinct phases. The period up to 2017 was defined as an “adoption cycle,” followed by a maturation phase from 2018 to 2022, which saw the rise of derivatives and stablecoins. Since 2023, however, Bitcoin has entered what Check calls the “institutional cycle,” characterized by large-scale institutional involvement and a new class of marginal buyers.

With Bitcoin’s trading environment now heavily influenced by global economic forces and institutional actors, the $70,000 support level could be key in maintaining bullish sentiment. Market participants are watching closely, as any decisive move above or below this threshold could define Bitcoin’s short-term trajectory.