The market has seen a surge in Bitcoin price above key support levels, with efforts to remain above $70,000. However, recent data suggests that bears are struggling at these levels, leading to increased upward pressure after surpassing them. Despite this, concerns arise around whether the upcoming quarterly close and Bitcoin halving will impact the ongoing rally and if Bitcoin will fail to reach $100K this year.

Ahead of the halving event, market participants anticipated a pre-halving rally that could potentially push the price above $75,000. Yet, the current bearish pressure has prevented Bitcoin from holding above $70,000, hinting at a possible new bearish phase. Analysis reveals that long-term BTC holders have started moving their holdings back to exchanges, indicating a potential correction on the horizon.

The Bitcoin Sharpe ratio, which reflects the return adjusted for risk, has entered a high-risk territory due to the recent price surge, posing challenges for new entrants. Consequently, investors must assess market volatility and dynamics to navigate this uncertain landscape.

Following the recent high of around $73,800, US buying activity has decreased, although a rebound fueled by institutional investments and whale purchases is expected in the near future. With market sentiment remaining predominantly optimistic, further downside might trigger a healthy uptrend and propel Bitcoin price to exceed previous highs.