Well-known cryptocurrency trader Jelle expressed confidence that Bitcoin's price could potentially reach $75,000 by the end of the week. The cryptocurrency recently faced an 18% correction, dropping below $61,000 but has since recovered and surpassed the peak of its previous bull run.

Today, Bitcoin exceeded $71,500 on major exchanges before dropping back below $69,000. This drop occurred after Coinbase, the largest US exchange, failed to dismiss a lawsuit by the US Securities and Exchange Commission.

Coinglass reports that about $239 million worth of cryptocurrency was liquidated in the past 24 hours, with the majority coming from long positions.

Regarding resistance levels, cryptocurrency analyst Ali believes that Bitcoin's main barrier is between $70,180 and $70,600. IntoTheBlock data shows a large concentration of addresses that bought Bitcoin at around $70,223 are currently facing losses.

Glassnode pointed out that Bitcoin has reached a significant level in terms of unrealized profit held within its supply. With only 21 days left before the next Bitcoin halving, some traders anticipate a major rally leading up to this significant event.