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Bitcoin's price action over the past couple of months has formed an interesting technical pattern that traders will want to keep a close eye on. After hitting a new all-time high just below $74,000 on March 14th, BTC pulled back to an intraday low of $56,500 on May 1st.

Bitcoin had a modest surge today, regaining the $70,000 mark by rising over 2% or $1,600 as of 7 PM ET. The world's largest cryptocurrency has successfully held its 20-day exponential moving average on a closing basis, despite bears' efforts to drag the price below this important technical indicator.

Bitcoin had its second monthly close above $65,000 ending May 11.28% higher. The month-to-month gain comes after the world’s largest cryptocurrency posted a nearly 15% decline for April 2024. The sizable green monthly candle paints a picture that is not as bullish as one might assume once you take into account the upper and lower shadows or wicks.